The long wait from the end of May to the beginning of July is almost over, and there are just 7 days left before some Americans collect their federal benefits, amounting to nearly $1,000 on average. Supplemental Security Income (SSI) recipients received their June benefits at the end of May due to a calendar quirk, and for many, it feels as if the July payment could not come soon enough. Citizens must see if they are eligible to receive this benefit to gain some added cash for the summer.
Why is Tuesday, July 1, so significant?
For some Americans, the first day of July will seem so significant as it is the day they receive their Supplemental Security Income (SSI). Next Tuesday, millions of citizens will be delighted to receive their benefit as they usually would on the 1st day of a new month, because in July, this group of beneficiaries does not have their pay day falling on a federal holiday or on the weekend. Some citizens may even receive a payment of $967 should they be deemed eligible.
Tuesday will be significant for all those Americans who utilize their SSI payment to cover food costs, medical-related expenses, living expenses, or financial planning costs. It is important for citizens to understand all about this payment and to understand who is eligible to claim this federal monthly benefit.
How does SSI usually get paid out?
Payment of this benefit can be made to eligible recipients in one of two ways. Recipients can rely on the direct deposit option for payment, or they can choose to receive their SSI funds via direct deposit. According to the Social Security payment schedule:
- Recipients opting for the direct deposit payment method: Will receive their direct deposit via a check making its way into their bank account or Direct Express card early morning on July 1. All beneficiaries who have chosen the direct deposit payment method will have to check their balances on the next Tuesday.
- Recipients who receive paper checks via mail: This payment option may see eligible members receiving their checks slightly later, by July 1, due to mail delays. However, SSI recipients should receive their checks by July 5, and they should contact either the post office or the SSA office if it still hasn’t come in.
Due to the way the Social Security Administration (SSA) issues payments according to their scheduled dates, this one group of SSA recipients had to wait until July 1 to receive their next benefit after receiving their June payment earlier at the end of May.
Checking the qualifying criteria for this SSA benefit
Citizens who will receive the SSI maximum payment of $967, or even those who will receive a payment slightly less than the maximum payment, are those citizens who are:
- 65 years or older, or have a child with a qualifying disability.
- Legal citizens of the U.S.
- Restricted in terms of income and financial resources, receiving amounts below the SSA thresholds.
- Not receiving any other financial support beyond this threshold.
Citizens can receive $943 in benefits; however, some citizens do qualify for a higher benefit of $967, and this higher benefit is received due to the cost-of-living adjustments (COLA) or other such additional state supplements. Marital status, living arrangements, and the state an individual lives all determine the amount of SSI benefits received.
With over 7 million citizens, including the elderly, disabled adults, and children, receiving this benefit, it is not hard to understand why July 1 will be such an important day for many beneficiaries. This payment surely does help beneficiaries to cope with their month-to-month expenses and is one federal payment that many beneficiaries look forward to. While Social Security recipients had to wait to receive their benefits from mid-June onwards, the SSI recipients did not receive any payment in the month of June, and thus, this July payment is all the more significant.
Disclaimer: This content is informational only and does not supersede or replace the SSA’s or IRS’s own publications and notices. Always verify any specific dates and amounts by following the direct links in our article to SSA.gov or IRS.gov, or by consulting your local SSA field office or tax professional.
