When You Will Get Your First Bigger Benefits Check of 2023
By now you’ve heard the news that retirees will receive the biggest Social Security benefits boost in four decades in 2023 thanks to an 8.7 percent inflation-induced cost-of-living adjustment (COLA). But you might be wondering, when will more money — an extra $146 per month on average — show up in your bank account?
As CNET reports, it all depends on your birthday.
That’s because Social Security doesn’t distribute all checks at once. Rather, they use a rollout schedule based upon the beneficiary’s date of birth.
So if you were born from the 1st to the 10th, you will receive your first bigger benefit check on January 11, 2023. If you were born from the 11th to the 20th, your first COLA increase will come in the January 18, 2023, check. And if you were born after the 21st of the month, your check will come on January 15, 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.
