COLA Social Security payment schedule 2022 is here

Millions of Americans will see an increase in their Social Security and Supplemental Security Income (SSI) next month

Cost-of-living adjustment (COLA) will be 8.7 percent in 2023, according to the Social Security Administration

Due to this boost average payment will increase by $144 

If starting of the month falls on a weekend, SSI checks will be sent that day

As January 1 is a federal holiday so the checks will be sent on December 30th

First boosted checks will be received by all the beneficiaries in next year

Impact of Cost of living adjustment on recipients

The boost of 8.7 Percent in the cost-of-living adjustment (COLA) in 2023 will result in increment of $144 per month in Social Security payments

As per the SSA, The average Social Security benefit risen by $92 to $1,657 monthly in 2022

In 2023, The COLA will be touching its highest in 40 years, that's longer than the vast majority of beneficiaries have been receiving since the 1970s