Will There Really Be a Social Security Payments Bonus? Here's the Truth

Social Security payments are set to give a boost to recipients' checks with the updated cost-of-living adjustment of 8.7% in October.

The Social Security Administration sends out payments on three different Wednesdays each month depending on the beneficiaries' birthdays.

If your birthday falls between the 1st and 10th of the month, you will receive your payment on the second Wednesday of the month while those with birthdays falling between the 11th and 20th of the month, will receive theirs on the third Wednesday of the month. For those with birthdays between the 21st and 31st of the month, payment will be sent out on the fourth Wednesday.

There have been questions about whether the SSA will send out a bonus payment this December. However, the concerns are unfounded.

There will be no Social Security bonus payments before the year ends.

Social Security Bonus 2022 Questions

SSI recipients are set to receive two payments in December, which has been mistaken that the other will be a Social Security bonus payment.

However, the second deposit is just the January payment for the Supplemental Security Income that will be distributed a few days early.

SSI is usually distributed on the first of the month. However, if it falls on a weekend or federal holiday when banks are closed, SSI payments are distributed early or the next earlier business day.

SSI recipients received two payments in April and September earlier this year.

SSI beneficiaries will also receive two SSI payments in June 2023, September 2023, and December 2023.

Those receiving SSI can expect a much higher monthly payment in 2023 due to the 8.7% COLA. It is the biggest hike seen in more than 40 years.

The monthly maximum federal SSI amounts for 2023 are $914 for an eligible person. Those with an eligible spouse will receive $1,371, while $458 for an essential person.

SSA determines that the SSI essential person is someone who lives with an SSI beneficiary and provides essential care.

An essential person receiving SSI payments needs to meet the requirements to get the payments.

Social Security Payments Hike

Recipients of Social Security payments are asking whether the hike will be enough to combat inflation.

The all-time high inflation in 2023 will likely outpace the Social Security COLA. The good news is there will not be any rise in Medicare premiums to counteract the payout.

Some experts are also concerned that the high COLA for next year will affect the program's funds for the coming years.

Maya MacGuineas, president of the Committee for a Responsible Federal Budget, noted that a bigger COLA will cost the program tens of billions of dollars.

MacGuineas added that it could bring the insolvency date forward a year sooner and that it would be a neglect of responsibility if Congress fails to act on the matter.

Stephen Goss, the chief actuary at the Social Security Administration, noted that a high COLA could be offset by increases in the average wage.

Goss said that they are expecting that there will be no major impact on the solvency of the program.

This article is owned by Latin Post.

Written by: Mary Webber

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