Payments from Social Security will rise in 2023 as a result of the COLA.
Here is the start date for the increases and how much more you will get.
The Consumer Price Index for Salaried Workers in Urban Areas and Clerical Workers (CPI-W),
which covers the period from the third quarter of the previous year to the third quarter of the current year,
is used to calculate the COLA on an annual basis.
Given that the average monthly payment for retired workers in 2022 was $1,657,
the monthly payment at a COLA of 8.7% would be $1,801.
At the end of December, COLA 2023 will go into effect,
and payments for retired workers and those receiving survivor benefits will begin to change in January of the following year.
On the other hand, beginning on December 30, SSI recipients will receive a larger first payment.
The payment for January 2023 is made on the Friday before, which is January 30, since January 1 is a weekend.
The complete payment schedule for 2023 is provided by the Social Security Administration.