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Social Security Update: Up To $1,371 SSI Monthly Payments Arriving Today

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Monthly SSI Payments [Photo: Yassine EL KHAL - Medium]
Monthly SSI Payments [Photo: Yassine EL KHAL - Medium]

Up to $1,371 worth of monthly Supplemental Security Income (SSI) payments are expected to be arriving today. These payments are the first to be issued by the Social Security Administration (SSA) this 2023.

Monthly SSI Payments [Photo: 94.9 KYSS FM]

Monthly SSI Payments [Photo: 94.9 KYSS FM]

Today, on February 1, the Supplemental Security Income (SSI) monthly payments of up to $1,371 are expected to be arriving. These monthly payments are normally issued on the first day of every month except when it falls on a weekend or a holiday. When this happens, the payments will be issued on the last business day of the previous month instead. As January 1 was a New Year holiday and the date fell on a weekend, the January payments were issued on December 30, 2022.

According to Xie, these monthly payments to arrive today are the first to be issued by the Social Security Administration (SSA) this 2023. The SSI beneficiaries are expected to receive a total of 12 payments annually. This 2023, the SSA will issue two payments for the months of March, June, September, and December. This is because the months that follow them begin with either a weekend or a holiday.

READ ALSO: $500 Monthly Payments Being Issued In Missouri Under Guaranteed Income Program

Who is eligible for these monthly SSI payments?

According to Bradford, almost 8 million Americans have applied for the SSI program. This program was intended to help disabled adults and children with low incomes. This 2023, the monthly SSI payments have increased due to the increase in cost-of-living adjustment (COLA) announced last October 2022. The COLA increased to 8.7% which increased the average monthly payments for individuals by $73. 

Eligible individuals will be receiving a monthly payment worth $914. On the other hand, eligible couples will be receiving $1,371. To be eligible for these monthly payments, applicants must be couples or essential persons who live with and provide necessary care for an SSI beneficiary.

READ ALSO: Medicare Tax: Definition, Rates, And Why You Pay Them

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