Who will receive $6,398 from Social Security during the rest of the year?
Some Social Security recipients will receive up to $6,398 in benefits during the remainder of the year. Who will get the payments? Here are the details.
Every month, the Social Security Administration (SSA) sends millions of payments to beneficiaries of its program, Most of them are retired workers and people belonging to the Supplemental Security Income Program (SSI), which covers seniors as well as people with disabilities, regardless of their age.
The amount of the payments varies from year to year due to the cost of living adjustment (COLA), which serves to equalize the Social Security checks with current inflation to avoid loss of purchasing power from rising inflation.
In 2023, Social Security payments are up 8.7 percent from the previous year, thanks to a historically large increase in the COLA; resulting in an average payment of $1,801 per month for retired workers, with the possibility of collecting up to $4,555 per month as a maximum benefit.
Regarding payments for SSI recipients, the average is $650, with the possibility of collecting up to $914 per month as a maximum benefit for one person; while the figure rises to $1,371 dollars for couples filing a joint return.
Who will receive $6,398 from Social Security for the remainder of the year?
Taking into account the maximum payment of $914 per month for SSI, beneficiaries of this Program could receive up to $6,398 in the remainder of the year, considering that there are 7 payments remaining which correspond to 2023, including the one that was paid at the beginning of June.
Unlike retirees who receive their payments based on their date of birth, SSI recipients get theirs on the first of each month, except when that date falls on Saturday, Sunday or a federal holiday. In that case the payment is forward to the first business day prior to the first of the month for which the payment corresponds.
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Social Security payment schedule for SSI
Below, we share the payment schedule of the checks that remain in 2023 for the beneficiaries of the Supplemental Security Income Program: