Social Security update: How to check how much of an increase your benefits will get this year
Asher Notheis
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The Social Security Administration’s latest cost-of-living adjustment has been enacted with the start of the new year — and with it will come an increase in the benefits that SSA recipients receive on a monthly basis.
The adjustment made by the SSA will be 8.7%, making all the benefits that recipients receive from the SSA that much higher than last year. While the amount of this increase will vary for recipients, based on what benefits they receive as well as how early they started receiving benefits, people can check to see how much of an uptick they will get from this adjustment by visiting their “My Social Security” account from the SSA’s website, according to CNET.
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Any SSA recipients who have already created My Social Security accounts prior to Nov. 15 of last year can sign into their account and check to see how much of an increase they will receive this year. Those who have yet to create an account can do so by visiting ssa.gov and creating one.
The SSA provides a guide for people on how much money they can receive once they retire, with that amount varying on how early or late they chose to retire. A person must have retired when he or she was 70 to receive the highest payment of $4,194. Meanwhile, recipients who retired at 67 will receive a maximum check of $3,345, and anyone who retired at 62 will get up to $2,364 per month, according to the SSA.
These payments are set to go out to recipients in three waves, beginning on Wednesday for recipients born between the 1st and 10th of a month. Subsequent payments will be made on the following Wednesdays, with people born between the 11th and 20th of a month getting paid on Jan. 18 and recipients born between the 21st and 31st of a month getting their benefits on Jan. 25.
Supplemental Security Income payments, which are paid to all recipients on the same day, will have their payments every month be worth $914, an 8.7% increase from the $841 that recipients received last year. The payment for this monthly benefit will typically occur on the first of a month unless the month’s first day takes place on a holiday or a weekend.
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The COLA for 2023 will mark the biggest adjustment made since 1981, when the adjustment that year was 11.2%. The largest adjustment the SSA has ever made took place in 1980, when the adjustment was 14.3%, according to the SSA.
The smallest increase made by the SSA in these benefits was in 2017, when the adjustment was 0.3%. The only years when there was no change in benefits were 2010, 2011, and 2016.