On Friday, December 30, millions of Americans can expect to receive larger payments due to an 8.7 percent cost-of-living adjustment (COLA), according to a report by William Johnson of The US Sun on December 28, 2022.
These payments are for Supplemental Security Income (SSI) recipients, who typically get their check on the first of the month. However, due to the New Year’s Day holiday, these payments will be made two days early and will now have a maximum value of $941 per month, according to The US Sun.
In addition, 33 states supplement SSI payments to help recipients cover their basic needs. The states and territories that do not supplement SSI are Arizona, Arkansas, Mississippi, North Dakota, Tennessee, West Virginia, and the Northern Mariana Islands.
It is important to note that SSI is a needs-based program, meaning that the amount of benefits an individual receives depends on their income and assets, based on a published statement by SSI.
On the other hand, other Social Security recipients will have to wait until January to receive their new payments with the COLA increase.
The COLA increase is implemented to help beneficiaries maintain their purchasing power in the face of inflation, allowing them to maintain their standard of living.
This means that the increased payment will help offset any increase in the cost of goods and services, allowing beneficiaries to continue living comfortably.