Beneficiaries of Supplemental Security Income will start receiving their $914 monthly benefits in less than a week.
Funds From SSI Payment
The funds from this SSI payment, which will be distributed to beneficiaries in five days, will help individuals afford necessities like food and housing. According to the Social Security Administration (SSA), these payments are meant to assist old, blind, and crippled persons who have little or no income of their own.
On February 1, SSI-eligible couples will get their normal payout of $1,371 while individuals will receive their usual check of $914. Beginning early next month, $458 will be paid to essential individuals, or those who live with SSI recipients and provide them with the care they need.
The SSA typically distributes its SSI payment to participants on the first of the month. The agency issues a total of 12 payments every year. The payments for the first day of the month are given on the final business day of the preceding month, but, if that day falls on a weekend or holiday.
One of the months where recipients missed payments was January because they had already received two payments the month before—one on December 1 and the second on December 30, with the latter functioning as this month’s SSI payment.
According to the SSA’s 2023 schedule, this year’s beneficiaries will get double payments in March, June, September, and December since those months’ first days will either be weekends or holidays.
Due to a cost-of-living adjustment made by the SSA, payments provided to beneficiaries of SSI this year will be a little bit greater than those made in 2022. In 2022, winners received payments totaling $841. The payout for this year is increased by 8.7% to account for the change.
Other Reports, Cost of Living Adjustment
Cost-of-living adjustments, or COLAs, are governed by legislation passed in 1973. Benefits from Social Security and Supplemental Security Income (SSI) rise and fall with inflation thanks to COLAs.
The most recent COLA for SSI and Social Security benefits is 8.7% percent. Starting with the December 2022 payments, which are due in January 2023, Social Security payouts will increase by 8.7 percent. With effect for payments received in January 2023, federal SSI payment levels will likewise rise by 8.7%. Because the normal SSI payment date is the first of the month and January 1 is a holiday, the SSI payments for January are always made at the end of the previous December.