Social Security recipients can look forward to bigger benefit checks in February thanks to the 8.7% cost-of-living adjustment (COLA) for 2023, the largest increase in 41 years.
The Social Security Administration (SSA) has announced that payments in February will be made according to the same monthly schedule, with payments going out on the second, third, and fourth Wednesdays of the month.
Here’s when you should expect your next payment:
- If your birth date falls on the 1st-10th of the month, your payment will be distributed on Wednesday, February 8th.
- If your birth date is on the 11th-20th, your payment will be distributed on Wednesday, February 15th.
- If your birth date falls on the 21st-31st, your payment will be distributed on Wednesday, February 22nd.
It’s important to note that if you don’t receive your payment on the expected date, the SSA advises allowing three additional mailing days before contacting them. According to the SSA, Social Security benefits have increased by more than $140 a month on average in 2023. This is a significant increase compared to last year’s 5.9% COLA, which did little to help seniors deal with the inflated cost of living.
However, the latest data from the Bureau of Labor Statistics showed that inflation is continuing to ease for the sixth consecutive month, dropping to 6.5% in December. This means that the bigger COLA for 2023 should better assist seniors struggling with soaring costs for everything from food, gas, and housing.
READ ALSO: Social Security 2023: How Do Recent Changes Affect Recipients?
If your Social Security benefits do not suffice in covering your basic living expenses, you may be eligible for Supplemental Security Income (SSI). The SSI program distributes monthly payments to adults and children who have a disability, or partial or complete blindness, that hinders their ability to work. SSI recipients must also meet financial qualifications. The SSI program is also available to those 65 years and older who have limited income and financial resources.
Seniors who also qualify for SSI benefits will receive their payment on February 1st. According to the Social Security Administration website, SSI benefits are typically disbursed on the first day of the month, unless the date falls on a weekend, in which case, payments will be dispatched on the Friday preceding the first of the month. If you received Social Security before May 1997, or if you’re receiving both Social Security and SSI, then you will receive Social Security on February 3rd and SSI on February 1st.
In conclusion, the Social Security schedule for February 2023 benefit payments is set, and recipients can expect bigger checks thanks to the 8.7% COLA. It’s important to note the payment schedule based on your birth date and to allow for additional mailing days before contacting the SSA. And for those who may need additional assistance, the SSI program may be an option.
READ ALSO: Up to $13,500 Bonus Payments Will Arrive This Year – See If You’re Eligible
