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8.7% Increase in COLA Will Be Released Next Month, Here’s What You Should Know

COLA
COLA will increase by 8.7%. (Photo: MARCA)

You probably already know that you will receive an 8.7% cost of living adjustment (COLA) in December if you receive Supplemental Security Income.

COLA

COLA will increase by 8.7%. (Photo: MARCA)

8.7% Increase in COLA

Early in December, you may check your My Social Security account online to see your new benefit amount if you are not sure of how much increase you will receive. You will get a letter in the mail with all the information if you do not create an account on or before Nov. 15.

When disbursing monthly payments, the Social Security Administration has a set timetable that it adheres to. Payments for SSI recipients are typically given out on the first of every month. Your payment could not be received on the first of the month for one of two reasons: if the normal payment date falls on a holiday or a weekend.

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The first day of the month in January 2023 is a holiday and a weekend. When this occurs, the government mails the checks ahead of time on the next working day, in this example will be Friday. As a result, you will get your January 2023 check in December rather than January.

If you receive SSI, you will get a payment with your updated benefit amount on December 30. Since the COLA raise will not take effect until 2023, you will not notice an increase in your paycheck on December 1. You receive your first payment of 2023 early since your first enhanced payment is due on January 1, a holiday and weekend day.

You will only get your SSI payment increase in December if you receive Social Security benefits in addition to your SSI. Your Social Security income will increase starting on January 3, a Tuesday.

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