Every month, the Social Security Administration (SSA) disburses numerous payments to beneficiaries of its program, including retired workers and individuals enrolled in the Supplemental Security Income Program (SSI), which caters to seniors and people with disabilities, irrespective of their age. The payment amounts are subject to yearly fluctuations due to the Cost of Living Adjustment (COLA), aimed at aligning Social Security checks with prevailing inflation rates, thereby safeguarding recipients against diminishing purchasing power caused by rising inflation.
In 2023, Social Security payments have witnessed a remarkable surge of 8.7 percent compared to the previous year, courtesy of an exceptionally substantial COLA increase. As a result, retired workers now receive an average monthly payment of $1,801, with the potential to receive a maximum benefit of $4,555 per month. In terms of SSI payments, the average amount stands at $650 per month, while individuals can potentially receive a maximum benefit of $914 per month. For couples filing a joint return, the maximum benefit rises to $1,371 per month.
Unveiling the Recipient of $6,398 in Social Security Funds for the Rest of the Year
Considering the maximum monthly payment of $914 for individuals enrolled in the SSI program, beneficiaries have the potential to receive a total of $6,398 for the remainder of the year. This calculation takes into account the fact that there are 7 payments remaining for the year 2023, including the payment issued at the beginning of June.
In contrast to retired individuals who receive payments based on their birthdate, SSI recipients receive their payments on the first day of each month. However, if the first falls on a Saturday, Sunday, or a federal holiday, the payment is advanced to the previous business day prior to the first of the corresponding month.
SSI Payment Schedule: Timely Disbursement of Social Security Payments
Here is the updated payment schedule for beneficiaries of the Supplemental Security Income Program for the remaining checks in 2023:
- June 1st
- June 30th* (Payment advanced due to falling on a weekend)
- August 1st
- September 1st
- September 29th* (Payment advanced due to falling on a weekend)
- November 1st
- December 1st
Please note that the payments scheduled for July 1st and October 1st have been forwarded due to falling on a Saturday and Sunday, respectively.