The First COLA Increase Is Coming to SSI Beneficiaries Later This Month

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Recipients of supplemental collateral income can expect to receive their first check with their 2023 increase in cost of living adjustment of 8.7% to arrive in less than two weeks, end of December. This check is in addition to the check they received in early December. (Anyone else receiving Social Security benefits will get their first check in January 2023.) So why are SSI beneficiaries getting two checks this month? We explain below.

Not sure how much benefit you will receive? Check your My Social Security account message center for a message about your new benefit amount. If you missed the November 15th deadline for creating an account, keep an eye out for a letter with all the details about your raise.

Here’s why you’ll receive your first increased payment in December if you receive SSI and when to expect it. For more, here’s the Social Security payment schedule and Social Security disability insurance payment schedule. Also here it is how much Medicare premiums and deductibles will be in 2023.

Why am I getting a raise in my December SSI check?

The Social Security Administration follows a strict schedule when sending monthly payments. For those who receive SSI, their payments are almost always sent on the first of each month.

There are two reasons why your payment is not received on the first of a month: If the regular payment date falls on a holiday or weekend.

In January 2023, the first of the month falls on a holiday and a weekend. When this happens, the administration will mail the checks earlier on the nearest business day, in this case a Friday. So instead of receiving your January 2023 check in January, you will receive it in December of this year.

You can check your COLA increase in December.

James Martin/CNET

When will I receive my first COLA increase benefit?

If you receive SSI, you will receive a payment December 30 with your new benefit amount. Since your first increased payment is scheduled for January 1 (a holiday and weekend day), you will get your first payment for 2023 early.

What if I receive both SSI and Social Security benefits?

If you receive Social Security benefits in addition to your SSI, you won’t get your raise for SSI until December. The increase in your Social Security benefits starts on January 3, which falls on a Tuesday.

For more information, here it is how to apply for social security disability insurance. Also here it is how to pause your social security benefits to possibly receive a larger payment later.

The Valley Voice
The Valley Voicehttp://thevalleyvoice.org
Christopher Brito is a social media producer and trending writer for The Valley Voice, with a focus on sports and stories related to race and culture.

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