Before Dec. 30, taxpayers in the United States will see the first of two significant changes to the tax code. The first will affect Supplemental Security Income (SSI) beneficiaries due to the Cost-of-Living-Increase (COLA), while the second will see an average $914 increase.
SSI Payments This December
On Dec. 1, the first of the two checks will be issued. It will be for an average amount of $841. On Dec. 30, the second payment, which will include the $914 increased benefit amount, should arrive in accounts, according to The US Sun’s report.
Since Jan. 1 and New Year’s Day fall on Sundays, there will be two payments. The Social Security Administration (SSA) typically issues checks the following business day in cases where payments fall on a holiday or weekend.
The creation of a My Social Security account that calculates future benefits will be requested from eligible people.
Additionally, the account allows users to sign up for email and text alerts for impending social security updates, such as those on the cost-of-living adjustment (COLA).
About 70 million Americans receive SSI payments, which will rise 8.7% in 2023.
Benefits paid to more than 65 million Social Security claimants in January 2023 will be the first to reflect the 8.7% COLA. On December 30, 2022, more than 7 million SSI recipients will start receiving increased payouts.
Payment Schedule Next Year
Payments for SSI are made on the first of every month unless a holiday prevents it.
Adults and children with disabilities or blindness with resources and income below set financial thresholds are eligible for SSI.
People 65 and older without disabilities who meet the financial requirements can also get SSI payments.
The 2023 payment schedule for SSI is Feb. 1; Mar. 1; March 31; May 1; June 1; June 30; Aug. 1; Sept. 1; Sept. 29; Nov.1; Dec. 1; and Dec. 29, reports say.