In just a few weeks, Supplemental Security Income (SSI) recipients will receive their first of two Social Security payments.
Both payments total $841 and will hit accounts on September 1st, while the second payment will be collected on September 31st for a total of $1,652.
Typically, SSI payments are sent on the first of each month, but some month’s schedules will change this year.
However, since October 1st falls on a weekend, that month’s payment is deferred to September.
December is another month in which the Social Security Administration (SSA) writes two checks.
Who qualifies for SSI?
Operated by the SSA, SSI serves people over the age of 65, as well as blind and disabled people who have little or no income.
In addition to people with disabilities, the qualification depends on your assets.
To be eligible, individuals must have no more than $2,000 in assets, while couples can have up to $3,000.
Some SSA exceptions include the following:
- Life insurance policies with a face value of $1,500 or less
- your car (usually)
- Burial places for you and your immediate family members
- Up to $1,500 in burial benefits for you and up to $1,500 in burial benefits for your spouse
- The house and land where you live
Is COLA going up?
Experts are now assuming an adjustment in the cost of living (COLA) of between 9.3% and even 10.1%.
The US Bureau of Labor Statistics said the US inflation rate rose to 8.5% in July 2022.
Where the COLA ends up depends on the CPI-W for the third quarter.
Based on new CPI-W data through July, COLA could be 9.6% in 2023, the Senior Citizens League (TSCL) has estimated.
Depending on where inflation goes, the rate of increase can change.
If the rate increases, the COLA could be 10.1%, but if it continues to decrease, the adjustment could be 9.3%.
Mary Johnson, Social Security and Medicare Policy Analyst at TSCL, said it would increase the average retiree benefit by $158.98 per month from $1,656.
The Sun reveals the exact date millions of Americans will receive relief checks for up to $500.
Also in September, four direct payments and relief checks worth up to $1,500 will be issued.
https://www.the-sun.com/money/5993882/social-security-direct-payments-september/ $841 Direct Payments To Be Sent To Millions Of Americans In Just Weeks – Will You Receive One?