Social Security update: First increased direct SSI payment worth $914 to arrive in just 9 days
Beneficiaries of Supplemental Security Income are nine days away from receiving their monthly $914 payment for January 2023.
Due to a scheduling quirk, the money set to be dolled out on Dec. 30 will be the second for the month of December, with the first installment of $841 having taken place on Dec. 1, bringing the total amount for the month to $1,755, per a schedule from the Social Security Administration.
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Checks are typically rolled out on the first of a month. The Dec. 30 payment is for the January 2023 SSI because Jan. 1 falls on a Sunday and it is the first round beefed up with the yearly cost-of-living adjustment implemented to keep pace with inflation.
Social Security payments are set to get a whopping 8.7% cost-of-living adjustment next year, and SSI will get a considerable boost of $73 per month in 2023 from the payments in 2022, resulting in the $914 figure.
Couples on the program who receive about $1,261 a month will get a boost up to $1,371, per CNBC. Essential persons, people who live with someone receiving SSI and provide them with necessary care, will receive $458.
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There will be four months in 2023 featuring double payments due to the first of the succeeding month falling on a weekend or holiday, including March, June, September, and December.
The program began sending out payments in 1974 and is intended to provide fiscal relief to individuals with disabilities. Over 7 million people receive payments from the program, while some 65 million receive Social Security.