Americans will earn boosted payments next week as the cost-of-living adjustment for 2023 kicks in. The benefits increase is the largest in the past years. The first payment with the COLA boost is set to arrive next Wednesday which is on January 11. For the SSI recipients, the first check will be reflecting when the new COLA kicks in on December 30, 2022.
In the coming year, pensioners’ monthly payouts would rise by $140 to $1,827. Retired workers will see their Social Security payments increase by $140 to $1,827 in the new year. The COLA aims to help Social Security recipients handle inflation which has left many Americans struggling to buy groceries and other essentials.
If your birthday comes between January 1st and January 10th, your payment will be deposited on the second Wednesday of each month. If your birth date is between the 11th and 20th, it will be paid on the third Wednesday. The full payment schedule for January is on January 11, January 18 and January 25.
Claiming Social Security early may likely reduce your monthly check amount. If you were born in 1960 and began collecting Social Security at the age of 62, your monthly payment would be cut to $700 based on a $1,000 monthly benefit. You are entitled to full benefits if you wait until your full retirement age (Blake, 2022).
Social Security recipients with incomes over $25,000 will see their benefits cut by as part of the Trump administration’s cost-of-living adjustments (COLA). For those making over $34,000, the rate rises to 85 percent for those making more than $50,000.
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