Friday, October 14, 2022
johnlewis1946@gmail.com
Social Security Increase for January 2023
(Extra $145.00)
The cost of living adjustment, or COLA, is determined by the change in inflation between the third quarter of the previous year and of the current year -- in this case, July-September 2021 versus July-September 2022.
The 2023 increase is equal to an additional $145 in the average monthly Social Security check, according to nonprofit group AARP.
Read on: Social Security Benefits Increase Hits 41-Year Record. Here's Everything You Need to Know
"Social Security is the largest source of retirement income for most Americans and provides nearly all income for one in four seniors," 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," Jenkins added.
Since 1975, Social Security benefits have been adjusted automatically every year based on increases in the cost of living. Previously, lawmakers would have to vote for increases, meaning years could go by before retirees saw a bump in their checks.
When will I see the 2023 COLA increase in my Social Security check?
The 2023 COLA goes into effect with December 2022 benefits, which will appear in checks sent out in January 2023.
Social Security payments are made on Wednesdays, following a rollout schedule based on the beneficiary's birth date. So if you were born from the 1st through the 10th of the month, your benefits are paid on the second Wednesday of the month, or Jan. 11, 2023.
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