Social Security checks are trickling into millions of homes across the country, with the first of two payments hitting mailboxes Friday, while higher disbursements loom in the new year.
The next payment is scheduled for Dec. 29, as Americans recuperate from what is expected to be one of the more pricier holiday shopping seasons due to continued high inflation rates.
Only those who qualify for Supplemental Security Income benefits will be receiving the pair of the payments, worth as much as $2,700 in total, according to the Social Security Administration, the federal agency that cuts the checks.
SSA estimates roughly 67 million Americans will be scoring the payments.
Married couples are getting two individual disbursements of $1,371, or $2,742 in total, while individuals are getting lower rates of $914 per and $1,828 in total.
The payments are designated to help citizens who earn less than $1,913 from work each month and those who don’t have an income at all. SSA considers disability benefits, unemployment and pensions, and other extenuating circumstances.
Starting Dec. 29, about 7.5 million Americans will begin receiving higher supplemental security income payments, the SSA announced in October when the agency increased benefits 3.2% for 2024.
The 3.2% cost-of-living adjustment will be reflected in payments for more than 66 million Social Security beneficiaries starting in January. Retirement benefits are slated to increase by more than $50 per month.