In 2022, Social Security recipients saw their checks increase by 5.9%, one of the biggest COLA increases in recent history.
This boosted monthly payments by an average of $92 per month.
Now, as inflation shows no signs of slowing, it’s predicted that the COLA boost for 2023 could be even bigger.
70 million Americans will see the increase in their monthly checks.
The last time an increase this high happened was in 1981.
This year, the average check is worth around $1,658.
If the boost is around 8% next year, that boost could bring checks up by an average of $143, making them $1,800.
With the 5.9% increase, despite being one of the biggest boosts in recent history, it was not enough to keep up with inflation.
Now, those on a fixed income simply cannot afford day to day life.
The loss of buying power among seniors has already reached 40% this year.
Social Security recipients will find out what the COLA boost is in October for 2023
Letters will be sent in December that describe changes for an individual’s benefits in January.
This will let people know the exact increase they should expect, not just an estimate.
The first bigger check with the boost in it will then be sent in January, 2023.
When you get paid depends on when your birthday lands.
If you have a birthday through the first and tenth, you’ll see your check the second Wednesday of the month.
Those with birthdays on the 11th through 20th can expect checks the third Wednesday of the month.
Finally, anyone with birthdays between the 21st and end of the month will see checks on the fourth Wednesday.