Select beneficiaries of Supplemental Security Income are slated to receive a $914 monthly payment in just three days.
Individuals will garner a $914 check, while couples will receive $1,371 on Feb. 1 in keeping with the typical SSI calendar regimen. Essential persons who live with individuals receiving SSI and providing necessary care will get payments of $458.The Social Security Administration rolls out select SSI payments on the first of each month. There are scheduling quirks for July, April, October, and January due to the first of the month falling on a weekend or a holiday.
This year's SSI payments enjoyed a cost-of-living boost to combat inflationary pressures on checks. The most recent bump was 8.7% or $73 per month and became effective in January 2023, according to the agency.SSI has been distributing money to eligible recipients since 1974 and provides payments to qualifying individuals who are disabled. Over 7 million people receive payments from the program, while some 65 million receive Social Security.
Some estimates indicate that Social Security will reach insolvency in 2034 at the earliest unless action by Congress is taken.
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