Millions of people will see a bump in the amount they receive in monthly Social Security benefits, starting in January.
The larger checks are part of a cost-of-living adjustment, or COLA, designed to offset inflation. Thanks to soaring inflation rates, the 2023 COLA raise is the largest in decades at 8.7%.
However, not everyone will see the new higher amount hit their bank accounts at the same time.
The Social Security Administration rolls out payments based on recipients’ birthdays.
If you were born between the 1st and 10th day of the month, you’ll receive your check on the second Wednesday of each month. If your birthday falls between the 11th and the 20th, you’ll receive it on the third Wednesday. Any other date and you’ll receive your check on the fourth Wednesday of the month.
In January, for example, COLA recipients with early birth dates will receive their check on the second Wednesday of the month, Jan. 13. Have a birth date between 11 and 20? You’ll see the bump in Social Security benefits on Jan. 18. Recipients with birth dates between the 21st and the end of the month will see their check on Jan. 25.
The COLA bump will be going to more than 65 million qualifying Social Security beneficiaries who are 62 and older. The additional benefit is permanent, and because it is a percentage raise, the next COLA hike will compound the raise.
Everyone from the richest Americans to the most vulnerable will receive the same increase in benefits.