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Social Security payments: First half of $1,682 direct payment to be sent in just eight days

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Social Security payments: First half of $1,682 direct payment to be sent in just eight days | Tampa Tech Wire
Social Security payments: First half of $1,682 direct payment to be sent in just eight days

Supplemental Security Income recipients only have to wait for a little over a week before they receive the first half of their $1,682 payments next month.

Eligible recipients for this benefit will receive their first $841 payment on Sept. 1 and their second payment on Sept. 30 in the same amount, equaling a total of $1,682 for the month. Eligible couples will also receive two payments of $1,261 in September, while essential persons, meaning someone who lives with a person receiving Supplemental Security Income and provides necessary care, will receive two payments of $421 next month, according to the Social Security Administration.

September will be one of the few months in 2022 when recipients receive two payments, the others being April and December. The double payments will offset the months in which no payment is sent out, which are January, May, and October, to ensure eligible recipients receive 12 payments a year, according to a schedule released by the Social Security Administration.

The Supplemental Security Income is a federal program funded by general tax revenues aimed to help “aged, blind and disabled” people who are either unemployed or low-income, according to the government website. The money is designed to meet basic needs, such as food, clothing, and shelter.

Analysts expect that Social Security payments will likely rise due to growing inflation rates, which could result in some recipients earning less than what they receive now due to the increase in payments placing them in a higher tax bracket, according to Nexstar Media Wire.

Unless action is taken by Congress, Social Security trust fund reserves are expected to start drying up by 2035, according to the 2022 annual report of the Social Security Board of Trustees.

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