The Count down starts now for millions of Americans that are set to receive more money to wrap up the year.
The New Direct Payment for 2023
The direct payment amounts to an average of $914 for the new amount of Supplemental Security Income (SSI). The boost is from 2023, the cost-of-living adjustment (COLA) Twice in December will distribute the payment to SSI recipients, so it is a double payment for the holidays!
On the first of every month, the SSI check will be deposited directly to your account, the first payment worth $841 was sent on December 1 while the other Social Security Administration (SSA) will be sent out on the nearest business day since Since January 1, 2023, falls on a Sunday and it’s a holiday.
Furthermore, for this year, it will be on Friday, December 30 with an increased amount to reflect the 8.7 percent COLA for 2023. COLA is designed to lessen inflation, and depending on how high that escalates in determining how much people will receive from their Social Security payments.
Who Are The Eligible Residents?
The Supplemental Security Income program gives financial support to struggling persons aged 65 – older, visually impaired, and persons with disabilities, and that goes for children that have impairments.
Federal payment standards same goes for the Eligibility requirements too. Meaning anyone can apply for SSI, however, not everyone receives the same amount. Some may get more if they live in a state that adds money to the federal SSI payment. If happens that you have other income such as wages, pensions, or Social Security benefits then you will have a lesser payment to receive.