Before 2023 millions of beneficiaries will receive their monthly payment from the Social Security Administration (SSA). Do not forget that if you are on retirement benefits your amount depends on your work and earnings history. The age you file may also affect maximum amounts.
That is the same with SSDI payments. However, if you receive Supplemental Security Income (SSI), your benefits depend on your earnings. Bear in mind that SSI payments are only for low-income families.
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That is why not everyone on retirement or SSDI qualifies for Supplemental Security Income. Even if the maximum amounts are available, few receive them. While the largest SSI payment for an individual is $914 in 2023, the average payment is just $676. Social Security adjusts your SSI check to your financial situation.
Who will receive $2,786 from Social Security in December 2023?
Some eligible married couples receiving Supplemental Security Income (SSI) may collect $2,786 in total next month. This is because those on SSI will receive a first check on December 1.
Then, they will receive their January payment from the Administration on December 29. Social Security will pay the COLA increase on that date. Therefore, SSI beneficiaries will receive a payment on December 1 and another one on December 29.
If you qualify for the largest SSI payment and you are a married couple, you will get $2,786 before 2024 arrives. This will definitely be helpful because you will have more expenses during December. What is more, Social Security will give SSI recipients the COLA increase on December 29 too.
Anyway, you should plan your monthly budget and stick to it. Otherwise, you may end up running out of money because you have spent your Social Security payment too quickly.
How can SSI receive $2,786 from SSA in December?
People with a disability, blind people or seniors aged 65 or older on Supplemental Security Income can get up to $2,786 for one reason. They qualify for the largest amount for SSI and are married.
For example, if you receive a check worth $1,371 on December 1 and $1,415 on December 29, you can get $2,876 in total. This may not be possible if you get a reduction on your SSI payment.
Frequently, people have other earnings and this prevents them from getting the largest check possible. Thanks to the Social Security increase, recipients will get a 3.2% more in their December 29 payment.
The rest of Social Security beneficiaries will need to wait for their January payment to enjoy the 2024 COLA boost. On average, they can receive about 50 dollars. But those on SSI can just get up to $29 if they are single or up to $44 if they are married.