Millions of Social Security recipients will start getting an 8.7% boost in their benefits this month. The payment date depends on the recipient's birthday.
The increase, known as a cost-of-living adjustment , is the largest in more than 40 years. It will increase the average monthly benefit by about $140.
The higher payments came in response to the hottest inflation in four decades: Prices paid by U.S. consumers hovered around a four-decade high from August through October, the time period in which the COLA is calculated. For those with a birthday between the 11th and the 20th, benefits are paid on the third Wednesday of the month. For January, that means the first 2023 payment will arrive on Jan. 18.
This year’s higher payout, without an accompanying increase in Social Security contributions, could put additional pressure on a system that’s facing a severe shortfall in coming years. The
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