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Today, millions of Americans will get direct payments totaling up to $4,194. American citizens who were born between January 21 and December 31 shall receive the payments.
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People with earlier birth dates received certain perks on December 14 and December 21. The number of Americans claiming SSI is about 8 million.
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In 2022, the average monthly benefit for retirees who are single was $1,657. In contrast, elderly couples have received $2,753 each month as their benefits rise by an average of $154.
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The maximum amount of $4,194 may be paid to those seniors who opted to wait until they turned 70 before choosing to apply for benefits.
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In addition, it is anticipated that Social Security benefits would increase in 2023 as a result of the COLA's increase to 8.7%.
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Additionally, on December 30, recipients of Supplemental Security Income are scheduled to receive a payout of $914 over two days.
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According to the revised COLA, the amount for each person will rise by a maximum of $73.
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The Social Security Administration states that individuals over 65 with modest incomes may also be eligible for benefits.
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Both Social Security and Supplemental Security Income are available to Americans.
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The extra payout on Friday is due to the fact that New Year's Day, a federal holiday, falls on a Sunday this year.