Social Security Update: 8.7% COLA Increase In Benefits This 2023

This 2023, there has been an increase of 8.7% in the Social Security cost-of-living adjustment. Read and find out how much benefits you will receive and when they will be arriving!

Social Security Benefits [Photo: Military.com]

According to Miller, the first COLA adjustment was made in 1975. This was made possible when a legislation was authorized by the Congress in 1972. The COLA was one of the hundreds of developments authorized by the Congress since the Social Security was signed into law in 1935.

READ ALSO: Retirees Rejoice: Social Security COLA Adjustment Of 8.7% In 2023, But Beware Of The Hidden Tax Trap

How Much Benefits and When They Will Arrive

An article on the CNET says that the Social Security benefits will arrive in three rounds every month. For this month, the first round will arrive on February 8. The recipients of this round are those beneficiaries whose birth dates fall on the 1st to the 10th of their birth month. For the whole of 2023, beneficiaries of this round can look forward for the payments to arrive on the second Wednesday of every month.

On the other hand, the second round will arrive on February 15. The recipients of this round are those beneficiaries whose birth dates fall on the 11th to the 20th of their birth month. For the whole of 2023, beneficiaries of this round can look forward for the payments to arrive on the third Wednesday of every month.

Lastly, the third round will arrive on February 22. The recipients of this round are those beneficiaries whose birth dates fall on the 21st to the 31st of their birth month. For the whole of 2023, beneficiaries of this round can look forward for the payments to arrive on the fourth Wednesday of every month.

READ ALSO: Social Security COLA Fails To Keep Up With Inflation: Shortfall Of Nearly Half In 2022