social security increase for 2022 retirees will soon know how the cost-of-living adjustment (COLA) for 2023 will shake out.
The COLA is expected to result in the largest increase in Social Security benefits in decades, largely because the calculation is based on inflation.
Social security increase for 2022 the highest levels seen in 40 years.
The Social Security Administration (SSA) is expected to announce the COLA increase on Oct. 13, but before that can happen another huge announcement will be made.
For 2022, the COLA increase came in at 5.9%, which is the biggest jump seen in many years. For 2023, the COLA increase is expected to be even bigger.
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.