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The COLA (cost-of-living adjustment) for Social Security benefits in 2023 is expected to result in increased monthly checks for recipients. The exact amount of the increase and the date it will be effective have been announced. It has been reported by CNBC that the increase in 2023 will be around $1,827 per month.
In the coming weeks, millions of Americans can expect to see an increase of up to $144 on their Social Security checks because of the new cost-of-living-adjustment (COLA) for the year. This increase reflects the COLA, which is designed to help Social Security beneficiaries keep pace with inflation.
Americans who receive Supplemental Security Income (SSI) can expect to receive a payment of $914 on December 30, slightly before the new year. This payment is part of the regular SSI benefit and is not related to the cost-of-living adjustment (COLA) for Social Security benefits.
Most Social Security recipients will receive their larger payment on one of the Wednesdays in January, depending on their birthday. The exact date will be either the second, third, or fourth Wednesday of the month.
People with birthdays between the first and 10th of the month will receive the payment on January 11, which is a little less than a month from now.
The new payment amount is a result of the COLA increase, which was announced in October and is a huge 8.7 percent.