Social Security Increase 2023: When will the new COLA take effect?

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Social Security recipients will see a steep increase in Social Security of 8.7%, the largest cost-of-living adjustment (COLA) since the 1980s.

The first group to see the $146 hike in monthly benefits will be Supplemental Security Income (SSI) recipients, who will receive their COLAs in December 2022.

According to CNET, this is because SSI recipients always receive their checks on the first of each month.

The first of January 2023 falls on a public holiday and a weekend, so checks are sent on the nearest working day.

The rest of the checks will be distributed according to the day of your birth in the month.

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Those with birth dates between the 1st and 10th of the month receive their payments on the second Wednesday. Beneficiaries with birthdays between the 11th and 20th will receive their checks on the third Wednesday. Meanwhile, those with birthdates between the 21st and 31st will receive their payments on the fourth Wednesday.

That means the first checks of the new year for most Social Security recipients will be released on January 11, 18, and 25.

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