The last boosted payments for Social Security payment beneficiaries will be distributed by 33 states in December, which may result in an additional eight million Americans receiving more benefits.
A $120 income rise for those on Supplementary Security Income might result in a check for $841 in December.
Who is Eligible for Increased Social Security Payments?
The Social Security payment has been boosted as a result of the rising cost of living, which is anticipated to get worse as the colder weather sets in and Christmas expenses start to rise.
SSI payments are typically disbursed on the first of every month, but if that day falls on a federal holiday or weekend, you may anticipate receiving your payment on the weekday just before.
In general, SSI is not enough for most beneficiaries to cover all of their basic needs, but it is a very welcome addition to the pot. Due to the cost-of-living adjustment (COLA) increasing to 5.9% this year, the typical claimant is now receiving $621 per month in benefits.
Per Marca, the highest monthly payment per person is $84. Anyone may apply for SSI, but not everyone is eligible to receive the same amount. It depends on the specifics of your situation. If a state adds to the amount that the federal government has allotted for SSI, people receive higher benefits.
State-specific amounts vary, but New York provides an additional $87 per month for individuals and $104 per month for couples. Alabama couples, meanwhile, are eligible for an increase of $120. When disbursing monthly payments, the Social Security Administration has a set timetable that it adheres to. Payments for SSI beneficiaries are typically given out on the first of every month, according to CNET via MSN.
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Why SSI Payments Increased?
Your payment could not be received on the first of the month for one of two reasons: if the normal payment date falls on a holiday or a weekend. The first day of the month in January 2023 is a holiday and a weekend.
When this occurs, the government mails the checks ahead of time on the next working day, in this example a Friday. As a result, you will get your January 2023 check in December rather than January.
If you receive SSI, you'll get a payment with your updated benefit amount on December 30. Since the COLA rise won't take effect until 2023, you won't notice an increase in your paycheck on December 1. You receive your first payment of 2023 early since your first enhanced payment is due on January 1-a holiday and weekend day.
Due to inflation reaching a 40-year high, the 2023 COLA is the largest since 1981 (11.2 percent). The Consumer Price Index for Urban Wage Earners and Clerical Workers is used by the Social Security Administration to determine the figure.
According to Teresa Ghilarducci, an analyst at The New School for Social Research who specializes in retirement security, the third-quarter inflation rate was particularly high, which is why the COLA "is so high this year."
According to Ghilarducci, the benefit increase "intends to assist Social Security claimants maintain their living standards in spite of the increase in costs." Per Newsweek via MSN, the increase in Social Security income coincides with a rare 3 percent reduction in Part B of Medicare monthly premiums. The highest amount of wages due to Social Security tax will also increase in the meanwhile.
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