Social Security recipients started receiving the biggest raise in their benefits due to an 8.7% COLA increase. The cost of living adjustment is the largest since 1981 and will give an extra $140 per month on average as a boosted payment to Social Security recipients.
About 66 million Americans receive Social Security payments, according to their website. This year, Social Security recipients can expect to receive boosted payments due to the high inflation rate and 8.7 % increase in the cost of living adjustment (COLA).
Since 1981, this year’s increase is the largest. Recipients will receive an extra $140 per month on average. The increase means that the average retiree benefit will become $1,827 from $1,681 in 2022.
READ ALSO: Social Security Update: Automatic Payments Between $1,827 to $4,555 Will Start To Hit Your Account
Kilolo Kijakazi, the Social Security Administration’s acting commissioner, said that it is the first time in over a decade that Medicare premiums did not increase, which only shows that the Social Security Administration (SSA) can provide support to older Americans who rely on their benefits.
When will the first boosted payment arrive?
The first boosted payments for 2023 were already released to some Social Security recipients and more will be coming throughout the month.
Last January 11, retirees whose birthdates fall between the 1st and 10th days of the month already received their payments. Beneficiaries who were born between the 11th and 20th are scheduled to receive their payments on Jan. 18, while those born between the 21st and 31st—will receive their payments on Jan. 25.
Other Social Security recipients will still have to wait a little longer to get their freshly boosted payments.
For more details of the schedule of releasing payments, you may visit Schedule of Social Security Benefit Payments 2023.
READ ALSO: Payments between $36 and $25,000 Are To Be Claimed Before Three January Deadlines – See If You’re Eligible