Social Security and Supplemental Security Income beneficiaries are getting an 8.7% cost of living increase (COLA), starting in January of 2023. However, SSI recipients will get their first increased payment in December this year. We'll explain why below.
If you're not sure how much of a benefit bump you're getting, you can create a My Social Security account online -- just make sure to do so by Nov. 15. After you do that, you can then check your account in early December to see your new benefit amount. You'll also receive a letter in the mail with all the details sometime in December.
Here's why you'll get your first increased payment in December and when you can expect it. For more, here's the Social Security payment schedule. Also, here's how much Medicare premiums and deductibles will cost in 2023.
Why am I getting an increase in my December SSI check?
The Social Security Administration has a strict schedule it follows when sending out monthly payments. For those who receive SSI, their payments are almost always sent out on the first of each month.
There are two reasons why your payment wouldn't arrive on the first of any month: If the regular payment date falls on a holiday or a weekend.
In January 2023, the first of the month falls on a holiday and a weekend. When this happens, the administration sends the checks earlier on the nearest business day -- in this case, a Friday. So instead of receiving your January 2023 check in January, you'll get it in December of 2022.
You can check your COLA increase in December.
James Martin/CNETWhen will I get my first COLA increase payment?
If you receive SSI, you'll get a payment on Dec. 30 with your new benefit amount. You won't see an increase with your Dec. 1 payment because the COLA increase doesn't go into effect until 2023. Since your first increased payment is scheduled for Jan. 1 (a holiday and weekend day), you're getting your first 2023 payment early.
What if I receive both SSI and Social Security benefits?
If you also get Social Security benefits along with your SSI, you'll only get your increase for SSI in December. Your Social Security benefits increase will begin on Jan. 3, which falls on a Tuesday.
For more information, here's how to apply for Social Security Disability Insurance. Also, here's how to pause your Social Security benefits to potentially get a larger payment later.
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