How COLA Raises Monthly Payments By $140

Social security and Supplemental Security Income benefits will climb dramatically in 2023, following a little increase this year.

The payment increase that took effect in 2022 impacted nearly 70 million Americans who rely on assistance.

According to the Social Security Administration, the cost-of-living adjustment (COLA) is intended to balance recent inflation.

The 5.9 percent rise began in January 2022 for Social Security recipients and on December 30, 2021 for Supplemental Security Income recipients (SSI).

The Social Security Administration has just confirmed that the new COLA for next year will be 8.7 percent.

The next payments are expected to be distributed on Wednesday, October 19 to those whose birthdays fall between October 11 and October 20.

When will you get SSI?

Another payment will be made on the 26th of this month to claimants whose birthdays fall between the 21st and 31st of any month.

Those receiving Social Security will receive a single payment on numerous Wednesdays throughout the month, depending on when their birthday falls.

The COLA payment increase is 8.7 percent, so depending on how much you regularly receive in benefits each month, you'll notice a significant difference.

How much more you'll get?

In addition to this year's historic COLA boost, claimants are in store for an increase next year as well.