In only three days, Supplemental Security Income beneficiaries will get a payment of $914, a tiny increase from the previous SSI payment this month.
The grantees will receive two payments this month due to New Year’s Day coming on the first day of the month.
SSI Payments
According to the Social Security Administration, the SSI payment scheduled for the 30th of December will serve as the January payment for 2023.
The December 30 payment will be slightly larger than the December 1 payment ($841), coming in at $914.
This rise is the consequence of a cost-of-living adjustment made by the Social Security Administration, which boosts benefits virtually annually to account for inflation.
Read more: Social Security: Expect both good and bad changes in 2023!
Social Security Adjustment
The total of the two payments is $1,755 The cost-of-living adjustment for 2023 will be 8.7%, making it the biggest increase made by the Social Security Administration (SSA) since 1981, when it was 11.2%.
The largest modification made by the SSA was 14.3% in 1980. According to the SSA, the only years in which no modifications were made were 2010, 2011, and 2016.
Couples eligible for SSI and essential persons, who live with an SSI recipient and provide necessary care, will also receive a second December payment on December 30.
According to the SSA, couples would receive $1,371 and essential individuals will receive $458.
The SSA sends 12 SSI payments per year to ensure that each participant receives a monthly payment. When the first of the month comes on a weekend or holiday, these payments are made on the final business day of the month.
Read more: Social Security payments 2023: How to get a maximum of $4,555 per month?
