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There has been an increase of 8.7% in cost-of-living adjustment in Social Security this year. In this article, read and find out when they will be arriving!
Social Security Benefits
Over 65 million beneficiaries of the Social Security Administration will be receiving benefit checks that contain a record-breaking increase of 8.7% in the cost-of-living adjustment. This means that Social Security benefits are expected to increase by an average of over $140 a month. In 2022, the average Social Security benefits has increased from $1,681 to $1,827, as reported by Konish.
READ ALSO: 2023 Earned Income Tax Credit: What Is It And How To Qualify
When the Benefits Will Arrive
According to Konish, the Social Security benefits will be issued in three batches. The first batch was already issued last January 11. The recipients of this batch are those beneficiaries whose birthdates fall on the 1st to the 10th of their birth month. For the whole of 2023, beneficiaries of this batch can look forward to receiving payments on the second Wednesday of every month.
On the other hand, the second batch will be issued today, January 18. The recipients of this batch are those beneficiaries whose birthdates fall on the 11th to the 20th of their birth month. For the whole of 2023, beneficiaries of this batch can look forward to receiving payments on the third Wednesday of every month.
Lastly, the third batch will be issued on January 25. The recipients of this batch are those beneficiaries whose birthdates fall on the 21st to the 31st of their birth month. For the whole of 2023, beneficiaries of this batch can look forward to receiving payments on the fourth Wednesday of every month. If beneficiaries are also to receive Supplemental Security Income (SSI) benefits, they will be receiving payments on the third of each month. The payment dates in June, September, and December will be earlier due to the scheduled dates falling on a weekend in the mentioned months.
READ ALSO: 2023 Tax Brackets: What Are They And How To Reduce Taxes
