Social Security payments: Millions of SSI recipients to get two checks worth up to $1,652 next month
In September 2022, recipients of Supplemental Security Income will receive not one, but two payments totaling $1,652.
The first payment will be made on September 1 at the beginning of the month, and the second payment will be paid on September 30 at the end of the month.
According to the Social Security Administration, December is the only other month outside September that offers recipients two payments.
Apiece of the two payments, totaling $841 each, will be made to qualified individuals. Each qualified pair will receive $1,261 in total.
The majority of payments are made monthly during the entire year. This does not apply in January, May, or October.
According to economists, rising inflation across the US will cause an increase in Social Security payments in 2023.
Since recipients are subject to taxation on their benefits, an increase in payments could push them into a higher tax rate and cause them to earn less than they would have otherwise.
According to WWLP, at the current rate, Social Security payments will no longer be able to be made in full by the year 2035.
Amounts payable for SSI in 2022
In 2022, the maximum monthly amounts that an eligible individual can receive from the federal government are $841, $1,261 for an eligible individual who is also accompanied by an eligible spouse, and $421 for an essential person.
In general, the monthly amounts for the following year are calculated by multiplying the yearly amounts for the current year that have not been rounded by the COLA that will be in effect for the first month of the following year.
After that, each of the new amounts that have not been rounded is divided by 12, and the resulting numbers are rounded down to the next lower multiple of $1.
Reduction in payment
The monthly amount is decreased after monthly countable income has been subtracted from it. If the person who is qualified for the benefit also has a spouse who is eligible for the benefit, then the total amount that is payable is further divided between the two spouses in an equal manner. The benefits provided by SSI are augmented in several states.