This week, millions of Americans will receive the first increased Social Security check of 2023. The cost-of-living adjustment (COLA), which is based on inflation, has increased to 8.7 percent. This means that Social Security payments will increase by an average of $140 to $1,827, with the maximum benefit rising to $4,555, according to a report by The US Sun on January 09, 2023.
The first check reflecting the COLA increase will be sent out on Wednesday, January 11, with the rest of the payments for this month being sent out on January 18 and January 25. This marks the biggest benefit hike for Social Security recipients since 1981, according to THE US Sun.
Based on a a published article by SSA on October 13, 2022, the COLA increase is meant to help seniors who have struggled with rising costs for necessities such as food and gasoline. However, it may take some time for them to rebuild their emergency savings or get back on solid financial ground. The Social Security Administration is sending out letters to beneficiaries this month to inform them of their new monthly benefit.
The SSA added that, people who receive the benefit can also log in to their mySocialSecurity account to see their updated payment amount. It’s important to note that the COLA increase may affect other benefits, such as Medicare premiums and Supplemental Security Income payments. It’s recommended to check with the Social Security Administration for more information on how the increase may impact your specific benefits.