This year’s sizeable cost-of-living adjustment (COLA) of 8.7 percent will provide a much-needed increase in Social Security benefits for millions of Americans. This bump in income is an important boost to those who rely on their Social Security checks to make ends meet, and it’s never been more timely than now as many seniors are struggling with the financial effects of high inflation and other economic factors.
When will this benefits boost reach beneficiaries’ accounts? According to CNN, the first checks that reflect the COLA increase are being issued during the month of January, but the exact dates depend on when you started receiving benefits or your birthday.
- If you began receiving benefits before May of 1997, you would have received your payment on the 3rd of the month
- Other retirees whose birthdays fall between the 1st and the 10th of the month receive their checks on the second Wednesday of the month
- Seniors who began receiving benefits after May of 1997, as well as those whose birthdays fall between the 11th and 20th of the month, get their payment on the third Wednesday of the month
- Finally, those whose birthday falls between the 21st and 31st of the month, as well as people who receive benefits after May 1997, will get their payment on the fourth Wednesday of the month
Whether you’ve just gotten your first Social Security check or you’ve been receiving them for years, the COLA increase is something that all seniors can appreciate. The extra money can help with living expenses, medical bills, or other costs that have become harder to manage with the rising cost of goods.
The Seniors Center is here to help Social Security beneficiaries navigate their benefits. Have you received your benefits check with the COLA included? Let us know below—and follow us on Twitter and Facebook for more updates!