Social Security: Half of monthly $1,682 supplemental payment to be sent in just six days
People who receive Supplemental Security Income are scheduled to receive their first of two $841 checks in September in only six days.
The first check will be sent out to those who are eligible on Sept. 1, with the next monthly payment coming on Sept. 30.
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September is one of three months this year in which eligible recipients will receive two checks for a total of $1,682 in Supplemental Security Income for the month.
The other two months in 2022 in which there are two payments given out in the same month are April and December.
Two payments are being issued this year during these three months because the first days of the months of May 2022, October 2022, and January 2023 are over a weekend. The Social Security Administration issues the payments the Friday prior to each of those months to ensure recipients have the check by the first of the month, according to the agency.
The payment on Sept. 30 is technically the Supplemental Security Income payment for the month of October.
There will be four months with two payments under the same month in 2023, March, June, September, and December. This is due to the first of the month falling on a weekend in April, July, and October 2023. New Year’s Day is always treated as a weekend day.
Eligible couples will receive two payments of $1,261 next month for a total of $2,522. Essential persons who live with someone receiving Supplemental Security Income and provide them with necessary care will receive two payments of $421 in September, to be paid out on the same days.
Supplemental Security Income was first issued by the Social Security Administration in January 1974, with payment rates increasing for cost-of-living adjustments since 1975, according to the agency.
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Social Security payments are expected to increase next year to keep up with inflation. Analysts predict the cost-of-living adjustment for Social Security in 2023 may be 10.5% or more, which could move recipients into higher tax brackets.
Current estimates say Social Security insolvency will occur in 2034 unless acted upon by Congress.