Social Security Payment Increases - 2023
The next round of Social Security checks are scheduled to go out in February. Social Security recipients will continue to see bigger benefit checks, thanks to the 8.7% cost-of-living adjustment (COLA) for 2023 — the biggest boost in 41 years.
As usual, Social Security payments in February will be made according to the same monthly schedule, with payments going out on the second, third and fourth Wednesdays of the month. Here’s when you should expect your next payment:
If your birth date is on the 1st-10th of the month, your payment will be distributed on Wednesday, Feb. 8.
If your birth date is on the 11th-20th, your payment will be distributed on Wednesday, Feb. 15.
If your birth date is on the 21st-31st, your payment will be distributed on Wednesday, Feb. 22.
If you don’t receive your payment on the expected date, the SSA advises allowing three additional mailing days before contacting Social Security.
According to the Social Security Administration (SSA), Social Security benefits have increased by more than $140 a month on average in 2023. Last year’s 5.9% COLA had done little to help seniors deal with the inflated cost of living. The bigger COLA for 2023 should better assist seniors struggling with soaring costs for everything from food, gas and housing.
However, the latest data from the Bureau of Labor Statistics showed that inflation is continuing to ease for the sixth consecutive month, as reported by GOBankingRates, dropping to 6.5% in December.
If Social Security checks aren’t enough to cover basic living expenses, you may also qualify for Supplemental Security Income (SSI). The SSI program sends monthly payments to adults and children with a disability (or partial or complete blindness) that prevents the ability to work. SSI recipients must also meet financial qualifications. SSI is also available to those 65 years and older who have limited income and financial resources.
Seniors who also qualify for SSI benefits will receive their payment on Feb. 1. According to the SSA website, SSI benefits are usually paid on the first of the month unless the date falls on a weekend, in which case payments will be issued the Friday before the first.
If you received Social Security before May 1997, or if you’re receiving both Social Security and SSI, then you will receive Social Security on Feb. 3 and SSI on Feb. 1.