In 2023, Social Security recipients will see their monthly checks increase by 8.7%, the largest cost-of-living adjustment (COLA) in decades, as we previously reported.
But when exactly will you get the first of those big cheques?
It turns out that it depends on your date of birth, more precisely on the number of the day you were born. For example, if your birthday was June 3, 1955, the important number to remember is “3.”
The Social Security benefit payment schedule
Although the COLA goes into effect program-wide in January, your first check reflecting the 2023 COLA will arrive on the following schedule:
- If your birthday falls on days 1 to 10: You receive your payments on the second Wednesday of each month, which means that you will receive your first payment with the COLA 2023 on January 11.
- If your birthday falls on days 11 to 20: You receive your payments on the third Wednesday of each month, which means that you will receive your first payment with the COLA 2023 on January 18.
- If your birthday falls between the 21st and 31st days: You receive your payments on the fourth Wednesday of each month, which means that you will receive your first payment with the COLA 2023 on January 25.
There are, however, some exceptions to this schedule.
Exception for long-time Social Security recipients
If you started receiving Social Security benefits before May 1997, you usually receive your payments on the third day of each month, which means you will receive your first payment with the 2023 COLA on January 3.
Exception for SSI recipients
If you receive Supplemental Security Income (SSI) benefits in addition to Social Security benefits, you typically receive your Social Security payments on the third day of each month, which means you will receive your first with the 2023 COLA on the 3rd. January.
Your first SSI payment with the new COLA, however, will arrive on Friday, December 30, 2022. These payments are generally distributed on the first day of each month, but January 1, 2023 falls on a Sunday.
SSI benefits are income supplements for elderly, blind or disabled people who have little or no income.
When should I apply for Social Security?
Deciding when to enroll in Social Security can be tricky. For many people, it is beneficial to wait as long as possible, up to age 70, since the amount of your monthly benefit increases with each year of waiting. But others could benefit from taking benefits earlier, even as early as age 62, which is the earliest possible for most people.
Wondering which option is right for you? Check:
If reading these stories didn’t help you make the right choice, it might be time to seek expert help. Stop by the Solution Center at Money Talks News and learn more about Social Security choices.
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