GREAT NEWS For SSI Beneficiaries! Two Checks Coming Worth $1635 This Month?

Millions of Supplemental Security Income claimants will see two checks this month as the holidays approach, worth a whopping total of $1635. And according to the Social Security Administration, this will apply to the 8 million people that are projected to receive SSI in 2022. SSI, which is run by the Social Security Administration, aims to help those over 65, as well as blind and disabled people, who have little or no income. Qualifying for SSI will depend on your earnings and your assets.

To qualify, individuals can't have more than $2,000 in assets, while couples can have up to $3,000. Further, the more you earn the less your SSI benefit will be. Keep in mind, that SSI is not to be confused with Social Security because seniors can claim both. Now typically, SSI claimants receive their checks on the first of every month. However, the holiday schedule will alter the payment schedule for SSI claimants. Since January 1st is a federal holiday, SSI benefits are usually sent out the day prior. New Year’s Day falls on a Saturday this year, so the holiday will be observed on a Friday. This means eligible SSI recipients will get two payments this month. One payment should have already been received on the first of the month and the second payment is set to go out on December 30th, which is next Thursday.

But that’s not all: SSI claimants can expect to receive one boosted check. This is because of the new cost-of-living adjustment, which is set to climb to 5.9%. A COLA is a boost in income that keeps pace with the cost of living. It is calculated based on data from the Consumer Price Index for Urban Wage Earners and Clerical Workers, which measures changes in the cost of popular goods and services. As a result, SSI will increase by $34 on average to $621 starting December 30th compared to the previous $587. So the new average equals out to $7,452 each year.

According to the Social Security Administration, the monthly maximum SSI will be $841 per month for an individual in 2022 or about $10,092 on an unrounded annual basis. The monthly maximum has been a little over $794 this year. So, if you are earning the monthly maximum, that would mean you would get about $1,635 in December. Those claiming Social Security will see their boosted checks go into effect in January. The average Social Security claimant will get a $92 boost to their checks to $1,657 a month. Meanwhile, Social Security claimants could also receive a big payment increase in 2022, as the Senior’s Citizen’s League continues pushing for immediate one-time $1400 payments.

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