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These are the most important dates for the 2023 COLA increase in the USA
The anticipated 8.7% rise for 2023 is the highest since 1981, when it was 11.2%.
The Social Security Administration revealed the cost-of-living adjustment, or COLA, for benefit checks in 2023 back in October. Because of this year’s strong inflation, seniors will get 8.7% more next year, the greatest rise since 1981 and the fourth-highest increase ever.
According to the charity AARP, this hike will amount to nearly $146 more every check for the typical retiree.
Year-over-year inflation in the third quarter — in this example, July to September 2021 vs July to September 2022 — determines the yearly COLA.
AARP CEO Jo Ann Jenkins said in a statement, “the guaranteed benefits provided by Social Security, including the annual COLA, are more crucial than ever as high inflation remains a problem for older Americans,” AARP CEO Jo Ann Jenkins said in a statement.
When will the COLA be reflected in my Social Security check?
The COLA kicks in with December 2022 benefits, which are reflected in January 2023 checks.
Social Security payments are paid on Wednesdays, according to a schedule determined by the beneficiary’s birth date. So, if you were born between the first and tenth of the month, your benefits will be paid on the second Wednesday of the month or January 11, 2023.
When will I find out what my benefits will be in 2023?
Beneficiaries should get letters indicating their exact benefit rate for the next year throughout the month of December. You may still verify your increase online at My Social Security if you do not get this letter.