Important Update on next SSI payment: Social Security announces new date

Thinking about potentially receiving Social Security benefits is not a simple commitment. Many might view it as a critical goal, but they have no idea of the immense pressure you might be under when faced with dire circumstances that could put you in danger of falling into a serious state of poverty. Besides, nobody knows the pain another person is experiencing, so it’s important to seize any opportunity that can keep you out of the worst-case scenario. Therefore, you should not pass up the opportunity to receive Supplemental Security Income, also known as SSI. This article will provide you with pertinent information about how to apply for this financial aid if you are currently having financial difficulties or if you know someone who is regrettably going through a difficult time.

How does Social Security work?

In most cases, Social Security refers only to the old-age insurance program. This program provides a monthly stipend to seniors who are 62 years of age or older. It is referred to as an annuity and is determined by how much Social Security tax you have paid throughout your life, with a minimum of 10 years of continuous payments required to qualify for this benefit. The Social Security Administration (SSA) is an entity that does far more than only provide an insurance program for old age and disability. The Social Security Administration also runs an effort that will assist Americans who are suffering to meet their necessities, providing them more time to recover and restore financial freedom. This is the primary objective of SSI.

How can you apply for this Social Security benefit?

SSI operates differently from other SSA programs in that it doesn’t need you to fulfill any tax-related requirements or make a payment to get benefits. Certain specifically identified instances will review the application and approve the request for this benefit, even if you are not yet a citizen of the United States. Helping those who are at risk of poverty is the primary goal of this program; therefore, it should come as no surprise that the standards are set up in a way that will disproportionately affect the most vulnerable members of society. Consequently, there are three primary components to the application criteria:

• Demographic: being a senior 65 years old or older.
• Income: earn $1,971 or less each month if you apply alone or $2,915 if you apply as a couple.
• Assets: have $2,000 in applicable assets if you participate as an individual or $3,000 for a couple.

When is Social Security sending your payment?

Unlike other programs controlled by SSA, the schedule rules are constant and simple to recall. The first consideration is the date you began receiving this Social Security benefit, as any American who began receiving them before May 1997 will receive benefits from all SSA-managed programs on the third of the month. If you began after the limit period of May 1997, you will receive your payment on the first of the month, unless this day falls on a weekend or holiday. For this reason, the payment will be made on the business day before the planned date to avoid any delays that could jeopardize this aid, which in many cases is the only money that Americans and their families receive for a month. In this context, the next SSI payment will be issued on July 1st. It is crucial to note that the SSA suggests waiting at least three additional postal days before filing a claim with them. If you wish to learn more about alternate payment days for this or any other SSA program, see this page.