The New Year’s Day holiday in the US will cause a change in the distribution schedule for Supplemental Security Income (SSI) payments. SSI payments, which are usually sent on the first of the month, will be sent on December 30, 2022, due to the holiday, according to the official website of the SSA on December 8, 2022.
The remaining 2023 SSI payment schedule is as follows: February 1, March 1, March 31, May 1, June 1, June 30, August 1, September 1, September 29, November 1, December 1, and December 29.
Social Security recipients in the US, numbering about 70 million, will also receive automatic monthly benefit increases to cover inflation in 2023. An 8.7% cost-of-living adjustment (COLA) increase for the year was announced in October and will apply to payments from January 2023 and all subsequent payments that year, according to a report by CNBC on October 13, 2022.
The COLA Increase will also affect the SSI program, which helps over 5 million adults and children with disabilities or blindness and limited finances. The maximum monthly federal SSI payment for individuals will be $914 in 2023, an increase of $73 from the previous year.
Couples will receive a maximum of $1,371 per month, an increase of $110, while essential individuals will receive a maximum of $458 per month, an increase of $37. The 2023 COLA increase will also apply to maximum student-earned income exclusion amounts.
The rate of rising prices in the US has slowed, which is good news for those who have struggled with increasing living costs. These changes in SSI and Social Security payments will help individuals and families cover their living costs and manage their finances.