It is well known that Social Security beneficiaries are accustomed to receiving a single check each month, but some beneficiaries may receive two payments in August. The double payments are affecting Supplemental Security Income (SSI) beneficiaries to ensure that benefits reach them on time.
The checks are sent on August 1, as well as on August 30, but the second check is for the month of September and will be sent a few days early because September 1, when it is normally sent, falls on a weekend.
“We do this to avoid putting you at a financial disadvantage and to make sure you don’t have to wait beyond the first of the month to receive your payment,” the Social Security Administration (SSA) said in a 2022 blog post.
“This does not mean you are receiving a duplicate payment in the previous month, so you do not need to contact us to report the second payment.”
Double SSI Checks in August — What’s the Trick?
Sometimes SSI beneficiaries receive more than one payment a month depending on the dates, but this only means they will not receive another payment in September.
The next SSI check will be issued on October 1 for the month of October. All regular Social Security beneficiaries will not see their payments affected in August.
SSI payments are intended for adults and children who have a disability or blindness, as well as for people aged 65 or older. In June, nearly 7.4 million people received monthly benefits.
Extra SSI Check in August: Here’s the Scoop to Know
Older people and those with disabilities who depend on Social Security checks, as well as all those who contribute to the system, are increasingly concerned about what analysts have sounded the alarm about: the imminent Social Security funding crisis.
Current estimates indicate that the retirement and disability safety net program will likely become insolvent in the mid-2030s, at which point seniors would not be able to receive full payments.
Lawmakers and economists have made various policy changes to address the issue, but many ideas, such as raising the retirement age or reducing benefit amounts, remain unpopular among Americans.
While current Social Security benefits are adjusted for inflation according to the cost-of-living adjustment (COLA), older adults have long complained that the annual benefit increases are not enough to cover their higher costs in health care, food, and housing.
While beneficiaries saw an increase in their checks of up to 8.7% in 2023, the 2024 adjustment was much smaller at 3.2%, which represented an increase of about $50 for most beneficiaries.
Retirees Facing Financial Challenges
“You can sense the frustration of older people when they walk into a grocery store,” said Alex Beene, a financial education instructor for the state of Tennessee. “Some of the items most affected by inflation have been everyday purchases that they did not expect to see significant price increases for during retirement.”
In a survey by the Senior Citizens’ League earlier this year, older people said they were still facing price increases on almost all their household items. Almost all, 93% of senior respondents, indicated that their household expenses grew by more than $59 per month in 2023, and 43% indicated that monthly expenses skyrocketed by more than $185.
The financial consequences can be severe for older people struggling to make ends meet. Nearly 25 million Americans over the age of 60 live at 250% or less of the federal poverty line, according to data released by the National Council on Aging.
“The increases are there, but there is a general sense that they are not substantial enough, and it’s easy to see why,” Beene said.