Getting a payment worth up to $1,415 will definitely come in handy. After the shopping and spending spree during Christmas, there will be millions of Americans who have run out of money and need to make use of their credit cards.
Therefore, there will be a big part of America looking forward to their next payment. If you have not made all your Christmas purchases yet, make sure you plan it in advance, make a list, and set a reasonable budget.
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Overspending can cause you a lot of financial stress and difficulties. What is more, if you qualify for the $1,415 payment, it means you have a low income because it is the Supplemental Security Income (SSI), so be wise and save as much as you can.
WHO WILL RECEIVE AN SSI PAYMENT?
This SSI payment is only for those Americans who applied for SSI and got Social Security approval. What is more, they did not get any reductions and received the full amount ($1,415) because they are married and both qualify.
However, if you are single you will not receive $1,415 and your maximum amount will be $943, up from $914. Since there has been a COLA increase, SSI beneficiaries will get more money on their January payment in December.
Yes, that is right. SSI beneficiaries will collect their money three days in advance because banks are not open on New Year. Thus, Social Security will pay the checks before the usual due date, the first day of the month.
Apart from married couples and individuals who are eligible, essential persons will also receive their checks on the same day. The thing is their check is much lower. Actually, they will receive a payment worth $472, up from $458.
WHEN WILL SOCIAL SECURITY SEND THE SSI CHECKS?
The January payment for SSI beneficiaries will reach their bank accounts on December 29, instead of January 1. Then, SSI recipients will receive 2 checks in December.
That does not mean that you can waste that money because it is not an extra payment or bonus. So, save that money for the January expenses. Remember that SSI beneficiaries can also get retirement or SSDI checks.
Even if some recipients receive their retirement on December 13, December 20, and December 27, these will not be their paydays. Since they got their retirement or SSDI checks on December 1, they must wait until January.
January 3 will be the first payday for those on retirement and SSDI benefits before May 1997. But it will also be for those who collect both SSI or SSDI or retirement.