Americans who receive Supplemental Security Income (SSI) or Social Security payments will receive two checks this month because the payment dates overlap.
Typically, the Social Security Administration (SSA) ships payments to recipients on the first of each month, but there may be exceptions to these dates depending on the calendar for a particular year.
“If a regularly scheduled payment date falls on a Saturday, Sunday, or a legal holiday, benefits will be paid on the business day prior to the due date,” SSA states on its website’s Frequently Asked Questions (FAQ) page. It is described in
For the current month, SSI recipients will receive their first payment on September 1st, but any additional payments will be made on Friday, September 29th. Since October 1st is a Sunday, this payment will be his payment for October. That is, after the September 29th payment, the recipient will not receive his next payment until November 1st.
Last year, SSA announced that Social Security benefits and SSI payments would increase by 8.7% in 2023 as a cost of living adjustment (COLA). The rate of increase in payments in 2023 is expected to be the highest in 40 years.
“The income limit for workers younger than ‘full’ retirement age will increase to $21,240,” the agency announced last year. “The income limit for those who reach ‘full’ retirement age in 2023 will increase to $56,520.”
Additionally, SSA is expected to announce another COLA for next year’s payments in October. The Senior Citizens League (TSCL) estimated in July that the COLA could be 3% in 2024, based on data related to inflation and the consumer price index.
“The Consumer Price Index for Urban Wage and Office Workers (CPI-W), which is used to determine COLA, rose only 2.3% year over year. However, over the past 12 “Average inflation rose slightly for the month, thereby impacting our COLA estimate, which rose to 3% from 2.7% last month based on June data,” TSCL said in a July press release. mentioned in.
TSCL also noted in its press release that the estimated COLA may change in the coming months, saying the 3% adjustment would “increase the average monthly benefit of $1,787.00 by just over $53.60.” .
However, TSCL notes that “Social Security recipients will not know the final amount until Medicare Part B premiums are released. Part B premiums are derived from most beneficiaries’ Social Security benefits. “It’s automatically deducted. Part B premium increases can take years.” Most or even all of the COLA leaves little to cover other price increases. ”
newsweek The Social Security Administration was contacted for comment via email.
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