When Will You See the COLA Increase in Your Benefits Check?

By now you’ve heard the news. The Social Security cost-of-living adjustment (COLA) for 2023 will be 8.7 percent. It should put an extra $146 into most retirees’ checks each month.

So, when can you expect start seeing these bigger benefits? According to an article by CNET, the 2023 COLA goes into effect with December’s benefits and retirees will start receiving the increase in their January checks.

This is a great time to explain the Social Security payment schedule. Benefit checks are distributed on Wednesdays, following a rollout schedule based on the beneficiary’s birth date. If you were born from the 1st through the 10th of the month, your benefits are paid on the second Wednesday of the month. So, you will receive your first super-sized check on January 11, 2023. If your birthday falls between the 11th and 20th of the month, your checks are paid on the third Wednesday, and your first COLA increase will be in your January 18 check. For those people born between the 21st and the end of the month, you will receive your bigger benefits on the fourth Wednesday, which starts on January 25 in 2023.

The Seniors Trust is committed to improving the financial well-being of America’s retirees through passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA) and increased minimum benefits.