with the arrival of the August comes a significant windfall for those who rely on the Social Security the 31st of the August is a pivotal date for the millions of the Americans who dependent on the SSI and SSDI for the financial stability bank accounts across the country will soon receive the much anticipated direct payments of the $487 73 providing a crucial income to individuals who depend on these benefits to cover daily costs station to all well welcome back to my YouTube channel Finance news and you go to the channel for the most recent information regarding the stimulus programs so uh the Social Security payments that has many P nervous is the due in the August so let's dive into the facts starting with the basics the eligible social SEC recipients will have the $ 4,873 transferred directly into their bank accounts in the coming Friday those receiving the SSDI or the supplemental security income SSI are in this category however not every Social Security beneficiary will get this money we will go over the participation requirements in just a second you may wonder why this specific amount was chosen and why now is the right time several factors are at play and in in the response to the financial hardships of the SSI and SSDI beneficiaries and the growth of the living the Social Security Administration has been actively like pursuing the Sol positions to help those who who may be having the hardest time and making ends meute right now this payment is a part of the larger initiative and the significant portion of this payment is tied to changes in the cost of the living adjustment Cola for this year which was implemented to ensure that the social security benefits Remain the competitive with the inflation next uh let's discuss the enrollment criteria to qualify for this direct payment you must currently be receiving the SSI or SSDI benefits and have been cting benefits for the for at least 6 month before August you must also have set up direct deposit with a Social Security Administration not every recipient of the SSI or SSDI will get this payment the Social Security Administration is prioritizing individuals with a greatest Financial need many people have questions so let me address them now first will this be ongoing payment or on a one-time deal this is a currently considered a one-time payment so discussing about a future distance are ongoing the particularly as we continue to face economic uncertainty your regular social SEC income will not be affected by this payment it's a separate from an an additional addition to your normal benefits so what do you need to do to receive this money if you eligible and have kep to your direct deposit information is updated with the social secur Administration the payment should show up in your account without you having to do anything if you have not set set up the direct deposit yet now it's a perfect time to do so so now let's talk about how you might maximize the benefits of the payment it's crucial to make the you know prudent uh used of the $4,875 and here's a few ideas pay off your bills and save for the rainy day and they cover necessary purchases or repairs and priortize your well-being by taking care of your medical expenses or consider saving or investing some of the money with the for the future Financial Security so in the summary on Friday those who qualify for the SSI or SSDI will have the $4,875 payment sent directly into their bank accounts direct deposit set up meeting income requirement and being in the crucial benefits status and all the necessary criteria for the eligibility like the curring benefits and this is a one-time payout intended to provide additional assistance and given to the current economic climate so thank you much for your time and I will see in the next video so the stay inform and then take care of yourself