Millions of Social Security recipients will receive a second check on January 18th with an increase from the cost-of-living adjustment (COLA), which will increase the average monthly payment by $140 to $1,827 and the maximum benefit to $4,555. This increase will apply to SSI and SSDI recipients as well. The first adjusted payment was issued on January 11th, according to a report by The US Sun on January 15, 2023.
The way claimants receive benefits will depend on their birthday, as checks go out three Wednesdays a month. If your birthdate falls between the first and the 10th, your payment will be deposited on the second Wednesday of each month. If your birthdate falls between the 11th and 20th, it will be deposited on the third Wednesday of each month. And if your birthdate falls on the 21st through the 31st, it will be deposited on the fourth Wednesday of each month.
The amount of Social Security benefits one receives depends on their retirement age. Full Retirement Age (FRA) is when an individual is entitled to full benefits. Delaying benefits until age 70 results in an increase, while cashing in on benefits early permanently reduces the monthly check. The FRA is determined by birth year, with the oldest having an FRA of 66 and the youngest having an FRA of 67, according to The US Sun.
The cost-of-living adjustment (COLA) for this year is 8.7%, aiming to provide relief from high inflation for Americans based on data from the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). This increase in Social Security benefits will help recipients cope with the rising cost of living.