Recipients of Supplemental Security Income are set to receive a monthly payment of $914 on March 1.
The money from this SSI payment will allow people to afford basic items and goods, including food and shelter. These payments from the Social Security Administration are intended to help elderly, blind, and disabled people who have little or no income of their own, according to the SSA.
DECEMBER CONSUMER SPENDING DECLINES; RECESSION CONCERNS REMAIN
This upcoming payment will be the first of two payments that SSI recipients will receive next month, with the second one scheduled for March 31. Recipients are receiving two SSI payments due to the first day of April, a Saturday, taking place on a weekend, according to the SSA’s 2023 schedule.
Individual recipients will get a $914 check, while couples will receive $1,371. Essential persons, who are people living with SSI recipients and providing necessary care, will receive payments of $458.
The SSA typically gives its SSI payment to recipients on the first of the month, with a total of 12 payments being issued by the administration every year. However, when the first day of a month occurs on a weekend or holiday, the payments for that day are given on the last business day of the previous month.
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
This year, the SSA will issue double payments to recipients in March, June, September, and December because the first day of the following month will either be on a weekend or holiday, according to the SSA’s 2023 schedule.
Some estimates indicate that Social Security will reach insolvency in 2034 at the earliest unless action by Congress is taken.
