Millions Anticipate Additional Support Just in Time for the Holidays
In a timely boost for Supplemental Security Income (SSI) recipients, the Social Security Administration is set to disburse a second monthly payment in December, providing critical financial relief to millions.
The upcoming payment, scheduled for Friday, Dec. 29, marks the second disbursement within the month, following the initial payment released on Dec. 1. This double payment occurrence in December is a result of a scheduling quirk that aligns with holidays, ensuring beneficiaries receive their funds on time. With Jan. 1 being a holiday, recipients experience this unique situation multiple times a year.
The Social Security Administration adheres to the rule of delivering SSI benefits by the first day of the month. When the first day falls on a weekend or holiday, payments are issued on the preceding business day, guaranteeing timely access for beneficiaries. As a consequence of this practice, no payments are slated for January.
The payment amounts vary based on the filing status of beneficiaries. Individuals filing for SSI can expect a monthly payment of $914, while eligible couples receive $1,371 per month. Essential persons, residing with SSI recipients and providing necessary care, receive a monthly payment of $458.
Recipients seeking eligibility for these payments must be at least 65 years old and meet specific financial criteria. Additionally, individuals under 65, including children, may qualify if they are partially blind or have a severe physical or mental disability affecting daily activities for at least a year or expected to result in death.
It’s important to note that not every recipient receives the maximum payment, and personalized estimates can be obtained through the SSA’s calculator. Furthermore, the monthly benefit is projected to increase by 3.2% in the coming year.
Since the inception of SSI payments in January 1974, rates have seen adjustments for the cost of living since 1975, as confirmed by the Social Security Administration.
As beneficiaries await this additional support just in time for the holidays, the double payments provide a crucial financial lifeline for those relying on SSI assistance.