Social Security Payments Update: Second half of monthly direct checks worth $1,682 to be sent in 12 days
RSupplemental Security Income recipients are expected to receive their second regular payment of $841 this month in just 12 days, just under two weeks, due to a payment scheduling issue that occurs several times a year. .
SSI recipients will receive their regular October payments on September 30, with October 1 falling on a weekend this year. Because of this phenomenon, eligible individuals will receive two payments in the same month for a total of $1,682 in cheques.
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Eligible couples will receive two SSIs Payments of $1,261 this calendar month for a total of $2,522, and essential people, or those who live with people receiving SSI and give them the necessary care, will receive two checks for $421 this calendar month, the next payment arriving September 30.
SSI payments are issued by the Social Security Administration on the first of each month, but when that day falls on a holiday or weekend, payments are issued on the last weekday before the first of the following month. according the ASS.
The scheduling oddity happens several times a year, it’s happening for the January, May and October payments this year.
SSI was first granted to eligible individuals and couples by the Social Security Administration in January 1974, with payment amounts increasing due to cost-of-living adjustments beginning in 1975 to combat US inflation. year after year, by the agency.
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Social Security payments are expected to rise next year to keep pace with inflation, with some analysts predicting that the cost of living adjustment for Social Security in 2023 could be 10.5% or more, which would shift recipients of regular social security payments to higher levels. tax brackets.
Some analysts estimate Social Security insolvency will occur as early as 2034 unless Congress acts.