When Will I See the COLA Increase in My Social Security Check?

Date:

Social Security benefits will see their biggest increase in more than four decades next year. The Adjustment of the Cost of Living, or COLA, for 2023 will be 8.7%the biggest jump since 1981, when the increase was a whopping 11.2%.

“Social Security guaranteed benefits, including the annual COLA, are more important than ever as high inflation continues to be an issue for older Americans,” AARP CEO Jo Ann Jenkins said in a statement.

The COLA increase is the equivalent of an average of about $146 more per check, according to the nonprofit AARP. It is determined by changes in inflation in the third quarter, in this case between July-September 2021 and July-September 2022.

Read more: Everything you need to know about increasing Social Security benefits

When will I see the COLA increase in my Social Security check?

The COLA will take effect with the December 2022 benefits, which will appear in checks sent in January 2023.

Social Security payments are made on Wednesdays, on a rollout schedule based on the beneficiary’s date of birth. So if you were born from the 1st to the 10th of the month, your benefit will be paid on the second Wednesday of the month or January 11, 2023.

If your birthday falls between the 11th and 20th of the month, your checks will be paid on the third Wednesday, and you’ll see your first COLA raise on your January 18th check.

Those born between the 21st and the end of the month will receive benefits on the fourth Wednesday, beginning January 25, 2023.

When will I know what my Social Security benefits are for 2023?

Beneficiaries should receive letters in the month of December stating their specific payout percentage for the new year. If you miss this letter, you can still verify your increase online via the My Social Security website.

How does this year’s COLA compare to past gains?

Since 1975, Social Security benefits have been automatically adjusted each year in line with the rise in the cost of living. Previously, lawmakers had to vote for raises, meaning it could be years before retirees see a bump in their checks.

The 8.7% increase announced for 2023 is the largest since 1981, when it was 11.2%.

The largest increase ever, 14.3%, was in 1980, when the US was in the midst of a deep recession. In fact, all of the highest COLAs were in the late 1970s and early 1980s.

Year

COLA

1979

9.9

1980

14.3

1981

11.2

In 2009, 2010 and 2015 there was no COLA due to the lack of inflation during and after the Great Recession of 2008.

For more information about Social Security, to learn when the checks go outhow online access to your payments and how benefits are calculated.

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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Popular

More like this
Related

Should You Claim Social Security Before 2022 Wraps Up?

Once you reach the age of 62, you have...

Sam Bankman-Fried’s sudden turn from white knight to washout

Nov 11 (Reuters) - Sam Bankman-Fried gained a reputation...

The One Fried Food No One Over 40 Should Be Eating Anymore Because It Ruins Your Metabolism

Maintaining a balanced diet should always be a top...