Social Security update: Direct increased SSI payment worth $914 to arrive in just 10 days

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FILE – In this June 15, 2018, file photo, cash is fanned out from a wallet in North Andover, Massachusetts. (AP Photo/Elise Amendola, File) Elise Amendola/AP

Social Security update: Direct increased SSI payment worth $914 to arrive in just 10 days

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Supplemental Security Income recipients only need to wait a little more than a week before they receive a payment of $914 on Dec. 30, the first check reflecting an increase in their Social Security payments starting for 2023.

SSI recipients are receiving two payments this month due to the first day of next month, January, falling on a national holiday, New Year’s Day. The payment on Dec. 30 will be slightly higher than the first payment from earlier this month on Dec. 1, when SSI recipients received $841, thanks to a cost of living adjustment by the Social Security Administration.

The cost of living adjustment for 2023 will be 8.7%, making it the largest adjustment the SSA has made since 1981, when the adjustment was 11.2%. The SSA makes these adjustments to keep up with inflation.

SOCIAL SECURITY UPDATE: DIRECT MONTHLY PAYMENT WORTH UP TO $4,194 ARRIVING FOR MILLIONS

The biggest adjustment made by the SSA was made in 1980, when the adjustment was 14.3%. The only years there were no adjustments made were 2010, 2011, and 2016, according to the SSA.

The Dec. 30 payment will mark the first of 2023 SSI payments due to SSI recipients receiving no payment in January 2023. A total of 12 SSI payments are issued by the SSA every year so that recipients get one payment every month.

The SSA will always ensure that payments are given to recipients by the first business day of the month. On days when the first day of a month occurs on a weekend or a holiday, the payments are given on the last business day of a month.

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In 2023, recipients will be given two payments in April, June, September, and December due to the first of those months falling on a weekend or a holiday.

© 2022 Washington Examiner

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