Recipients of the US Supplemental Security Income (SSI) program are slated to receive a pair of payments in December 2023, specifically on the 1st and 29th of the month. This occurrence doesn’t signify a bonus; instead, the Social Security Administration (SSA) is opting to distribute the January 2024 benefits slightly ahead of schedule.
SSI payments are typically disbursed on the first of each month. However, should this date coincide with a weekend or public holiday, the payments are expedited to the preceding business day. With New Year’s Day observed as a public holiday, and the 30th and 31st of December falling on a weekend, the inaugural SSI payment for 2024 is therefore scheduled for Friday, December 29th.
What prompts the issuance of two Social Security payments in December?
This federal program offers monthly financial support to individuals with disabilities or those aged 65 and above, catering to those with limited income. SSI targets U.S. residents whose monthly work income does not surpass $1,913, and who hold assets (like additional vehicles or bank savings) below $2,000 in total value. Further details on SSI eligibility can be reviewed on the SSA’s official portal.
For the year 2023, the maximum monthly benefit for an individual under SSI is $914, and for a couple, it’s $1,371. To address inflation, a cost-of-living adjustment (COLA) will be applied to SSI benefits for the upcoming year.
With the 2024 COLA, there will be a 3.2% increase in SSI payments, effective from the disbursement at December’s end.
The Supplemental Security Income (SSI) program provides financial assistance to individuals who are either aged (65 or older), blind, or disabled and who have limited income and resources. The amount of SSI payment varies from person to person because it is based on federal and state policies and the individual’s current living arrangements.
What is the SSI payment amount?
As of 2023, the maximum federal SSI benefit is set at $914 per month for an individual. For couples where both partners qualify for SSI, the maximum benefit is $1,371 per month. However, these amounts can be supplemented by individual states, leading to some variability in the total SSI benefit that a person might receive depending on where they live.
Each year, the Social Security Administration (SSA) may adjust these benefit amounts to account for inflation, through what is known as a cost-of-living adjustment (COLA). For the year 2024, there will be a COLA increase of 3.2%, which means recipients will see their benefits increase accordingly. This increase is designed to help beneficiaries maintain their purchasing power as the cost of living rises.
It’s important to note that the exact amount a recipient will receive can be less than the maximum federal benefit rate. This can be due to several factors such as the recipient’s income, the value of in-kind support they receive, and their living arrangements. For example, individuals living in someone else’s household and receiving food and shelter from the host may receive a reduced benefit.
Additionally, some states provide additional payments to the federal SSI amount, which can increase the total payment that a recipient receives. These state supplements vary widely from state to state and depend on specific criteria, such as the individual’s living situation and specific needs.
The SSA periodically reviews a recipient’s income, resources, and living arrangements to ensure they are receiving the correct payment amount. Recipients are obligated to report any changes in their circumstances to the SSA to avoid overpayment or underpayment.
For the most accurate and personalized information about SSI payment amounts, individuals are encouraged to check with the SSA directly or visit their official website, where they can use benefit calculators and read more detailed guidelines about the SSI program.