Social Security update: Direct payment worth up to $4,555 to be sent to millions in three days

Asher Notheis

March 05, 10:11 AM March 05, 10:11 AM

Some recipients of the Social Security Administration's retirement payments, worth up to $4,555, will receive their payment in only three days.

The payments going out on Wednesday will mark the first of three waves of payments this month. Each wave represents a 10-day block of the month a person was born in, and this round of payments is for people born between the 1st and 10th of a month, according to the SSA's schedule.

DC'S PLAN FOR FREE METRO BUS SERVICE IN TROUBLE OVER LACK OF FUNDING

The second round of SSA retirement payments for the month will be issued on March 15 and will go to those born between the 11th and 20th of a month. The last payment for March will come a week later, on March 22, for people born between the 21st and 31st of a month.

The amount of money people receive from these payments depends on the age they retired at and when they started receiving the benefits. The highest payment of up to $4,555 goes to people who retire at 70. Recipients who retired at 67 will receive a maximum check of $3,627, and anyone who retired at 62 will get up to $2,572, according to the SSA.

Retirement payments from the SSA are different from other payments distributed by the agency, such as disability insurance or Supplemental Security Income.

The amount of money retirees receive in Social Security is subject to change, and it may even decrease if Congress does not determine how the program will be funded by 2037. Discussions over Social Security have been ongoing for years, but a pair of bipartisan senators are looking at raising the age of retirement to 70.

Social Security update: Direct SSI payment worth $914 arriving next month

Asher Notheis

January 03, 11:15 AM January 03, 11:15 AM

Supplemental Security Income recipients are scheduled to receive their next payment of $914 on Feb. 1.

This payment to SSI recipients will come after they received no payment for the month of January. Recipients are receiving no payment this month due to receiving two payments in December 2022, one on Dec. 1 and the second on Dec. 30, according to the Social Security Administration's schedule of payments.

WORKERS IN HALF THE COUNTRY WILL SEE MAJOR PAY INCREASE IN 2023

Eligible couples for SSI and essential persons, meaning someone who lives with a person receiving SSI and provides necessary care, will also receive a payment from the SSA on Feb. 1. Couples will receive $1,371, while essential persons will get $458, according to the SSA.

Payments for SSI recipients are always issued on the first of the month, with a total of 12 payments issued by the SSA every year. The lack of a January payment for SSI recipients was caused by the SSA giving people their January payment on Dec. 30 due to Jan. 1 being both a national holiday and a weekend day.

On days when the first day of a month occurs on a weekend or a holiday, SSI payments are given on the last business day of the previous month.

For 2023, the SSA will issue double payments to recipients in the months of March, June, September, and December due to the following months starting on either a weekend or a holiday, according to the SSA's 2023 schedule.

Social Security update: First increased direct SSI payment worth $914 to arrive in just 9 days

Ryan King

December 22, 09:14 AM December 22, 09:14 AM

Beneficiaries of Supplemental Security Income are nine days away from receiving their monthly $914 payment for January 2023.

Due to a scheduling quirk, the money set to be dolled out on Dec. 30 will be the second for the month of December, with the first installment of $841 having taken place on Dec. 1, bringing the total amount for the month to $1,755, per a schedule from the Social Security Administration.

NUMBER OF WORKERS CLAIMING UNEMPLOYMENT BENEFITS RISES TO HIGHEST SINCE FEBRUARY

Checks are typically rolled out on the first of a month. The Dec. 30 payment is for the January 2023 SSI because Jan. 1 falls on a Sunday and it is the first round beefed up with the yearly cost-of-living adjustment implemented to keep pace with inflation.

Social Security payments are set to get a whopping 8.7% cost-of-living adjustment next year, and SSI will get a considerable boost of $73 per month in 2023 from the payments in 2022, resulting in the $914 figure.

Couples on the program who receive about $1,261 a month will get a boost up to $1,371, per CNBC. Essential persons, people who live with someone receiving SSI and provide them with necessary care, will receive $458.

There will be four months in 2023 featuring double payments due to the first of the succeeding month falling on a weekend or holiday, including March, June, September, and December.

The program began sending out payments in 1974 and is 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.

Social Security update: Second of monthly checks worth $1,755 to arrive in 18 days

Asher Notheis

December 13, 04:41 PM December 13, 04:41 PM

Supplemental Security Income recipients are set to receive their second of two December payments in less than three weeks, bringing the total amount they receive from SSI to $1,755.

Eligible recipients have already received their first payment of $841 on Dec. 1 and will receive their second payment of $914 on Dec. 30. The second installment is 8.7% higher than the first due to a cost of living adjustment being made to keep up with inflation, according to the Social Security Administration.

STIMULUS UPDATE: MASSIVE TAX REBATE CHECKS WORTH 14% TO ARRIVE WITHIN NEXT TWO DAYS

Essential persons, meaning someone who lives with a person receiving SSI and provides necessary care, will also get a payment on Dec. 30 that will be higher than what they received on Dec. 1, this being worth $458, a slight increase from their Dec. 1 payment of $421. Eligible couples will receive two payments of $1,261 for the month of December, with monthly payments increasing next year to $1,371.

December is one of three months this year in which people receive two SSI payments. The other months with two installments in 2022 were April and September.

The double payments offset the months in which no payment is sent out to ensure eligible recipients receive 12 payments a year, according to the schedule. These months include January, May, and October, as the first of these months occurred on a weekend, and the SSA issues payments on the first business day of the month.

To make sure recipients get their payments by the first of a month, the SSA gives SSI checks on the business day prior to months that begin on a weekend or holiday, according to the agency. December is one of these months due to Jan. 1, 2023, being a holiday.

Recipients can expect to receive double payments in March, June, September, and December of next year, as the months that come right after these months either fall on a weekend or on a holiday.