The cost-of-living adjustment (COLA) will result in an 8.7% increase in benefits for users of SSI, SSDI, and Social Security in 2023.
SSI recipients typically receive their paychecks on the first of the month, but since January 1 is a federal holiday, they will instead get their first increased payout on December 30.
The benefit payment is made just over a month after the final 2022 payment, which was made on December 1.
From $841 in 2022, the highest SSI benefit in 2023 will be roughly $914.
According to their birthday, Social Security and SSDI beneficiaries may receive their new checks on the second, third, or fourth Wednesday of January.
Who is Eligible for Direct Payment?
You should be 65 years of age or older, blind, or disabled to be eligible for SSI. You must also have limited income and resources.
Couples should have less than $3,000 in assets, and individuals must have fewer than $2,000 in assets.
Couples must earn less than $2,607 per month, while individuals must earn no more than $1,767.
On the Social Security Administration website, you may find out more about the program and start your application if you believe you are eligible.