Supplemental Security Income recipients are set to receive a payment of $914 on Friday, making it the second payment they receive this month.
The recipients are receiving two payments this month due to the first day of January falling on a national holiday, New Year’s Day. The second payment will be slightly higher than what recipients received on Dec. 1 due to a cost of living adjustment made by the Social Security Administration, according to the SSA.
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Eligible couples for SSI and essential persons, meaning someone who lives with a person receiving SSI and provides necessary care, will also get a second December payment on Dec. 30. Couples will receive $1,371, while essential persons will get $458, according to the SSA.
The cost-of-living adjustment for 2023 will be 8.7%, making it the largest adjustment the SSA has made since 1981, when the adjustment was 11.2%. The SSA makes these adjustments almost every year as a means to keep up with inflation.
The biggest adjustment made by the SSA was in 1980, at 14.3%. The only years when no adjustments were made were 2010, 2011, and 2016, according to the SSA.
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Every year, a total of 12 SSI payments are issued by the SSA to recipients to ensure they get one payment every month. When the first day of a month occurs on a weekend or a holiday, as is the case in January, the payments are given on the last business day of the previous month.
Next year, the SSA will issue double payments to recipients in the months of March, June, September, and December, due to the following months starting on either a weekend or a holiday, according to the SSA’s 2023 schedule.
