Social Security payments: First half of $1,652 direct payment to be sent in just 13 days
People who receive Supplemental Security Income will soon have the first of two payments sent to them, which will equal a combined total of $1,652 for most recipients.
Those eligible will receive their first payment of $841 on Sept. 1, while the second payment worth the same amount will be on Sept. 30, according to the Social Security Administration. Eligible couples will receive two payments of $1,261 in September, while essential persons, people who live with a person receiving Supplemental Security Income and provide necessary care, will receive two payments of $421 on the same days.
REFUND CHECKS: DIRECT $650 TAX REBATE PAYMENTS BEING SENT OUT NOW IN INDIANA
September is one of three months in 2022 in which people receive two Supplemental Security Income payments, the other being April and December. The double payments offset the months when no payment is sent out, which are January, May, and October, ensuring eligible recipients receive 12 payments a year, according to the schedule.
Social Security payments will likely rise in 2023 due to growing inflation rates, according to analysts. However, some people may end up earning less than what they currently receive due to the increase in payments placing them in a higher tax bracket.
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Unless action is taken by Congress, it is estimated based on the current rate that Social Security will be unable to pay out in full by 2035, according to Nexstar Media Wire.