A new year means a new schedule of Social Security payments for the 66 million beneficiaries who are enrolled in the program.
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The big news for 2023 is the record-breaking cost of living adjustment that will increase payment amounts by 8.7%, the biggest jump in 40 years and the fourth-largest of all time. That percentage equates to roughly an extra $146 per month, according to AARP.
At 8.7%, the COLA exceeds the current 7.7% rate of inflation, which means that those extra dollars may really help Social Security recipients, including millions of seniors, who rely on a fixed income.
If you’re wondering just when you might get your January check, which will be the first to reflect the updated payment amount, here are the key dates to keep in mind. As is standard for Social Security payments, checks are distributed on Wednesdays throughout the month, according to birthdate.
- For birth dates that fall on the 1st through the 10th, recipients are paid on the second Wednesday of each month, so the first 2023 payments for this group will be January 11.
- For birth dates that fall on the 11th through the 20th, recipients are paid on the third Wednesday of each month, so the first 2023 payments for this group will be January 18.
- For birth dates that fall on the 21st through the 31st, recipients are paid on the fourth Wednesday of each month, so the first 2023 payments for this group will be January 25.
Each subsequent month’s payments will follow the same schedule. GOBankingRates previously published the full schedule of 2023 Social Security payment dates here .
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If you’re concerned that the new Social Security payment amount may still not be enough to cover your expenses given the rising costs associated with inflation, you can continue to work while you collect Social Security. However, as GOBankingRates recently reported, your earnings might temporarily reduce your benefits if you’ve not yet reached full retirement age.
This article originally appeared on GOBankingRates.com : Social Security Schedule: When the First COLA Checks Will Arrive in January 2023
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