Millions of SSI claimants will get their first December payment up to $914 today

It is an early payment for January 2023 and considers the new cost-of-living adjustment. The check will reflect the 8.7 percent COLA for 2023, designed to offset inflation. This means that the maximum amount they can get is $914. Meanwhile, qualifying couples will receive up to $1,371 a month next year. According to the new calculations, an essential person will be able to pocket $458.

Claimants will receive their January payment slightly early because the first falls on a Sunday.

Whenever that happens, the Social Security Administration (SSA) sends the checks on the nearest business day. January 1 is also a holiday, as it is New Year’s Day. SSI claimants also received two payments in April and September.

The Social Security program provides financial support to needy persons aged 65 or older, blind or disabled adults, and blind or disabled children. But, it depends on Americans’ assets whether or not they can qualify for the benefit.

BENEFITS BOOST

Individuals can’t have more than $2,000 in assets to meet the requirements, while couples can have up to $3,000.

But the SSA exempts some things you own, which include the following

• Life insurance policies with a face value of $1,500 or less
• Your car (usually)
• Burial plots for you and members of your immediate family
• Up to $1,500 in burial funds for you and up to $1,500 in burial funds for your spouse
• The home and land where you live.

Dozens of states have boosted SSI payments to help cash-strapped claimants.

Amounts vary by state, but New York offers an extra $87 a month for individuals or $104 for couples. Meanwhile, Alabama couples see a $120 boost. Colorado, Connecticut, Florida, Illinois, Idaho, Maryland, and Massachusetts are among the states that offer a supplement. Officials in Mississippi, Arizona, Arkansas, Tennessee, and North Dakota do not provide a state supplement to SSI recipients. State supplements are typically paid at the same time as federal benefits.