COLA 2023 increased to 8.7% on all social security benefits, while payments of up to $4,555 will be on its third round to be paid out to millions of Social Security recipients this week.
8.7% Increase in COLA 2023: Third Round Pay Out of Social Security Benefits Releases This Week (PHOTO: Marca)
COLA 2023 Deemed to be the ‘Highest Since 1981’
The 8.7% increase to COLA 2023 means $144.10 more a month in Social Security on Average. The New York Times reports this latest boost was the “highest since 1981.” Millions of older Americans will gladly receive the increase for making allowances for the struggle to keep up with fast-rising living costs.
Adjusted for sky-high inflation that ruined prices around the country last year, the 8.7 percent increase benefits Social Security, Social Security Disability Insurance (SSDI), and Supplemental Security Income (SSI) recipients.
However, an increase to COLA next year may not be as huge, CBNC reported. While Social Security benefits are adjusted to address inflation, there is a lag for when adjustments make a difference. The cooling of inflation will likely result in a much lower than 8.7% Social Security COLA 2024.
READ ALSO: Potential Impact Of COLA And Increased Spending On Inflation on Social Security
Releasing of the Third Round of Social Security Benefits Direct Payment
Millions of Social Security recipients will be paid out for up to $4,555 as the third-round direct payment will drop this week. Social Security checks will be given based on the recipient’s birthday, with the payments automatically released on three Wednesdays a month.
The Sun outlined the exact schedules of check arrivals this week: April 19, for birthdays between the 11th and 20th of the month, and; April 26, for birthdays between the 21st and 31st of the month. SSDI generally follows the same schedule. Meanwhile, SSI beneficiaries can claim on the first of every month.
READ ALSO: As A Result of Social Security COLA 2023- When Residents Will Get 8.7% Benefit Increase?
