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Here’s When Social Security Benefits for 2023 Will Be Announced

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Each year, Social Security benefits are adjusted to attempt to keep up with inflation. This cost-of-living adjustment, or COLA, is represented in January’s check and is based on the state of the economy the year prior. 

Rising inflation in 2021 resulted in the 2022 COLA being a sizable 5.9% increase, the highest in years, with the typical retiree receiving monthly checks for about $1,666. With the economy continuing to struggle, the 2023 adjustment is expected to be even higher. Some analysts are predicting bumps of anywhere from 8.7% to nearly 10%.

When will we find out what Social Security benefits will be for 2023? Read on to find out.

For more on Social Security, learn how much next year’s increase could be, how benefits are calculated and how to access your benefits online.

When will we find out how much Social Security benefits are increasing next year?

The COLA is determined by data reported in the Consumer Price Index — the year-over-year change in prices for goods and services — for July, August and September.  CPI data is released by the US Bureau of Labor Statistics on the 13th of the following month.

On Sept. 13, for example, the agency reported inflation information for August, which was at 8.3%, a slight decline from July’s 8.9%. The CPI for September will be announced on Oct. 13. The Social Security Administration won’t announce what the COLA increase will be until after it’s evaluated the September numbers.

Last year, the agency announced September’s CPI and the 2022 COLA increase on the same day. If that holds true his year, we should know how much next year’s Social Security benefits will increase on Oct. 13.

How much could Social Security benefits increase in 2023? 

With the CPI for August now available, the nonprofit Senior Citizens League has predicted a COLA increase of 8.7%. That’s more modest than claims earlier in the year but would still work out to an additional $144 a month for most recipients.

That’s among the more conservative estimates, though. In an Aug. 30 Marketwatch column, Alicia Munnell, director of Boston College’s Center for Retirement Research, predicted the boost would be 8.9% on the lowest end and 9.5% on the upper end.

That same month, Richard Johnson, director of the retirement policy program at the Urban Institute, told AARP that “somewhere in the 9% range is probably a reasonable guess.”

A 9% bump would add about $150 to checks every month.

When will I see the increase in my Social Security check?

The annual increase goes into effect with December benefits, which appear in checks dated January 2023. 

Social Security payments follow a rollout schedule based on the beneficiary’s birth date: If you were born from the first day through the 10th day of the month, your benefits are paid on the second Wednesday of the month.

If your birthday falls between the 11th and 20th, your check is paid on the third Wednesday, so you’ll see your first COLA increase on Jan. 18, 2023.

Retirees born between the 21st and the last day of the month receive benefits on the fourth Wednesday. In that instance, your first increase would appear on Jan. 25, 2023.

Beneficiaries should then receive letters detailing their specific benefit rate in December. You can also check your rate on the My Social Security website.


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