In 2023, millions of eligible Americans will get a $943 Social Security Supplemental Income (SSI) payment. Starting Friday, December 29, 2024 payments will increase just in time for the New Year.
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SSI Recipients to Receive Increased Checks on Previous Working Day in 2023: Maximum Amounts, Survivor Benefits, and Retirement Age Explained
Since January 1 is a holiday, SSI recipients will receive their checks on the previous working day. Maximum amounts for individuals and married couples will climb from $914 to $943 and $1,371 to $1,415.
Survivor benefits do not require spouses to seek benefits immediately after their companion dies. Your claim can be delayed until full retirement age. The article gives an example: if a person earns $1,827 in Social Security and their deceased spouse received $4,555 this year, the difference is over $2,700.
Depending on age, widows and widowers 60 or older receive 71.5 percent to 100% of the departed spouse’s retirement payout. Age 66 or 67 is full retirement, depending on birth year.
Increased SSI Payments, Payment Schedules, and the Looming Challenge of COLA on Trust Sustainability
It expresses worries about how the Cost of Living Adjustment (COLA) increase may affect the Social Security trust. Committee for a Responsible Federal Budget predicts the trust will run out of money by 2032, a year earlier than expected. According to officials’ newest predictions, funds may run out in 2033, a year earlier than expected.
In conclusion, the essay covers the 2023 increased SSI payments, including the payment schedule and benefits for individuals and married couples. It discusses survivor benefits and how the COLA rise may affect the trust supporting Social Security payouts, providing readers with important financial information.
