MILLIONS of Supplemental Security Income (SSI) claimants will see two checks this month with the holidays approaching.
This will apply to the 8 million that are expected to be received SSI in 2022, according to the Social Security Administration.
SSI, operated by the SSA, aims to help people over the age of 65, as well as blind and disabled people who have little or no income.
Eligibility for SSI will depend on your income and assets.
To qualify, individuals cannot have more than $2,000 in assets, while couples can have up to $3,000.
Furthermore, the more you earn, the less your SSI benefits will be.
Remember that SSI is not to be confused with Social Security because seniors can claim both.
Typically, SSI claimants receive their checks on the first day of each month. However, the holiday schedule will change the payment schedule for SSI . claimants.
Because January 1 is a federal holiday, SSI benefits are usually mailed out on an earlier date.
New Year’s Day falls on a Saturday this year – so the holiday will stay on Friday.
This means that eligible SSI recipients will receive two payments this month.
One payment should have been received on the first day of the month and the second payment will be released on December 30th, next Thursday.
But that’s not all: SSI claimants can expect to receive a boost check.
This is because new Cost of living (COLA), is set to rise to 5.9%.
COLA is an increase in income that keeps up with the cost of living.
It is calculated based on data from the Consumer Price Index for Urban Wages and Wages (CPI-W), which measures changes in the cost of popular goods and services. Out.
Therefore, SSI will averaging $34 to $621 starting Dec. 30 compared to the previous $587.
The new average equates to $7,452 per year.
The monthly maximum is a little over $794 this year.
So if you are earning max monthly – that means you will get around $1,635 in December.
Social Security claimants will see their enhanced checks go into effect in January.
The average Social Security claimant will get an increase of $92 their checks go up to $1,657 a month.
Meanwhile, Social Security claimants can get another big pay rise in 2022.
We explain the four steps to take so you can avoid working when on Social Security.
We also explain five things you need to know about possible Social Security save you hundreds of dollars.
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https://www.the-sun.com/money/4315015/ssi-claimants-two-checks-december/ SSI claimants will receive two checks this month for up to $1,635