When will I receive a COLA boost on my Social Security check

Next year will be the most significant year for Social Security benefits. Cost of Living Adjustment (or COLA) for 2023 will be 8.7%The largest increase since 1981, when it was 11.2%.

“Guaranteed Social Security benefits, including annual COLA, are more important than ever because high inflation remains a problem for older Americans,” AARP CEO Jo Ann Jenkins He said in a statement.

According to the nonprofit, an increase in COLA equals to an average of $146 more per check. AARP. It is determined by the changes in inflation in third quarter – in this instance, between July 2021 and September 2022.

Continue reading: Everything you need to know about increasing your Social Security benefits

When will I see a COLA rise in my Social Security check

COLA comes into effect with December 2022 Benefits, which appear on January 2023 Checks.

Social security payments are made on Wednesdays after a Wednesday. subtraction tableBased on the beneficiary’s date of birth. Your benefits will be paid on the Wednesday of the next month if you were born between the 1st to the 10th of each month.

If your birthday falls between 11th and 20th of a month, your checks are paid on the third Wednesday and the first COLA increment in your check will appear on January 18th.

The fourth Wednesday of every month, which begins January 25, 2023, is open to all who were born between the twenty first and the last days of the month.

When will I find out what my Social Security benefits in 2023 will look like?

Beneficiaries must receive letters in December detailing their rate for the new year. You can still view the increase online if you have missed this message My Social Security website.

How does this year’s COLA compare with previous increases?

Since 1975, Social Security benefits have been adjusted annually to reflect increases in the cost-of-living. The increases were approved by lawmakers, meaning that it could take years before retirees see an increase in their income.

The 8.7% increase for 2023 is the largest since 1981 when it was 11.2%.

14.3% was the largest increase in COLA, which occurred in 1980, when the United States were in deep recession. The late 1970s and the early 1980s were the years with the highest COLA rates.

In 2009, 2010, and 2015, there was NO COLABecause of low inflation during the period and afterwards The Great Recession of 2008.

Learn more about Social Security Learn When the checks go outHow Access your payments onlineThen there’s the How do you calculate the benefits?.