Social Security update: First of double SSI checks next month worth $1,755 to be sent out soon
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Social Security update: First of double SSI checks next month worth $1,755 to be sent out soon
Misty Severi November 06, 04:30 AM November 06, 04:30 AMSupplemental Security Income beneficiaries are set to receive two payments totaling $1,755 next month after tacking on January's payment at the end of December.
The double payments issued in December will be given due to the New Year's holiday falling on a Sunday, giving beneficiaries a payment on the Friday before the 1st instead. A check of $841 is due on Dec. 1, with the other payment worth $914 set to be sent on Dec. 30, according to a schedule from the Social Security Administration.
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Social Security payments are set to increase by 8.7% next year, and SSI will get a considerable boost of $73 per month in 2023 from the payments in 2022, resulting in the $841 amount increasing to $914 next year. The increase marks the highest cost-of-living adjustment in 40 years, with the last increase being 11.2% in 1981.
Couples on the program who receive about $1,261 a month will get a boost up to $1,371, according to CNBC.
Double payments in one month are normal for months that end on a weekend to help make things easier for residents. Two double payments have already occurred earlier this year in April and September, as the 1st of May and October fell on a weekend, according to the SSA's schedule. However, those were worth $1,682 total, as both checks were worth $841.
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Social Security began sending out payments in 1974, and they are intended to provide fiscal relief to individuals with disabilities. Over 7 million people receive payments from the program, while some 65 million receive Social Security.
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