Social Security checks with the Cost of Living Adjustment (COLA) increase in 2023 would begin to reach beneficiaries during the month of January.
The Social Security Administration is guided by a calendar based on the birthdays of the beneficiaries to disburse the funds monthly.
The first installments are made on the second Wednesday of each month.
Last year, the first payment began to reach some recipients on January 12.
Based on the calendar that handled by the agency, for people whose birthday falls between 1 and 10 of the month, the check will be processed for the second Wednesday of the month.
Those who meet between 11 and 20 of the month, they would receive the enlarged check on the third Wednesday of each monthly period.
While those who were born were between 21 and 20, Social Security will process your payments by the fourth Wednesday of each month.
Next year retirees receiving Social Security funds are expected to benefit from the largest COLA increase since 1981.
In 1980, the SSA calculated an increase of 14.3% applicable to the following year. In the 1981, the calculated increase was 11 .2% applicable to checks that people received in the1982.
Estimates suggest that the increase would be between 8% and %.
This year, retirees have been receiving checks with a 5.9% increase.
It will not be until mid-October for the agency to make official the details of the new increase.
By that date, the calculation of the inflation levels between the months of July and September will have been made, which determines the amount of COLA.
The agency uses the calculation known as CPI-W or Consumer Price Index for Salaried Workers in Urban Areas and Administrative Workers.
The index measures the average change in the prices of goods and services equivalent to the consumption expenditure of households residing in an area of finished.
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