Those who receive supplemental security income, pay attention. In December, you will receive an 8.7% raise in your first cost of living adjustment (COLA). Checks will be issued to everyone else, including Social Security recipients, in January 2023. The reason will be explained below.
Doubtful about the benefits increase you will receive? Early in December (a precise date has not yet been revealed), you can check your My Social Security account online to see your new benefit amount. If you didn’t register for an account by the deadline of 15 November, you’ll get a letter in the mail in December with all the information.
Why is the amount of my December SSI check increasing?
When disbursing monthly payments, the Social Security Administration has a tight schedule, they stick to. Payments for SSI recipients are typically given out on the first of every month. Your payment may not be received on the first of the month for one of two reasons: if a holiday or weekend falls on the common payment day.
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 following working day, for example, Friday. As a result, you will receive your 2023 January check, in December rather than January.
When will I receive my first payment of the COLA increase?
If you receive SSI, you’ll get a payment with your updated benefit amount on 30 December. Since the COLA raise won’t take effect until 2023, you won’t see an increase in your payment on 1 December. You will receive your first payment of 2023 early because your first increased payment is scheduled on 1 January— a holiday and weekend day.
What happens if I am eligible for both Social Security benefits and SSI?
You will only receive your SSI benefit increase in December if you receive Social Security benefits in addition to your SSI. Your Social Security income will increase starting on 3 January, Tuesday.