Your Social Security Checks Get Bigger on This Date

In 2023, Social Security recipients will see their monthly checks grow by 8.7%, the biggest cost-of-living adjustment (COLA) in decades, as we previously reported.

But when exactly will you receive the first of those fatter checks?

As it turns out, it depends on your birthdate — specifically, the number of the day on which you were born. For example, if your birthday was June 3, 1955, the important number to remember is “3.”

The Social Security benefits payment schedule

Although the COLA kicks in for the entire program in January, your own first check that reflects the 2023 COLA will arrive on the following schedule:

• If your birthday falls on days 1 through 10: You receive your payments on the second Wednesday of each month, meaning you will receive your first payment with the 2023 COLA on Jan. 11.
• If your birthday falls on days 11 through 20: You receive your payments on the third Wednesday of each month, meaning you will receive your first payment with the 2023 COLA on Jan. 18.
• If your birthday falls on days 21 through 31: You receive your payments on the fourth Wednesday of each month, meaning you will receive your first payment with the 2023 COLA on Jan. 25.

There are a couple of exceptions to this schedule, however.

Exception for longtime Social Security recipients

If you started receiving Social Security benefits prior to May 1997, you typically receive your payments on the third day of each month, meaning you will receive your first payment with the 2023 COLA on Jan. 3.

Exception for SSI recipients

If you receive Supplemental Security Income (SSI) benefits in addition to Social Security benefits, you typically receive your Social Security payments on the third day of each month, meaning you will receive your first one with the 2023 COLA on Jan. 3.

Your first SSI payment with the new COLA will arrive on Friday, Dec. 30, 2022, however. These payments are usually distributed on the first day of each month, but Jan. 1, 2023, falls on a Sunday.

SSI benefits are income supplements for people who are elderly, blind or disabled, and who have little to no income.

When should you claim Social Security?

Deciding when to enroll in Social Security can be tricky. For many people, it pays to wait as long as possible, up to age 70, since your monthly benefit amount increases each year you wait. But others might benefit from taking benefits sooner, even as early as age 62, which is the earliest most people can claim them.

Wondering which option is right for you? Check out:

If reading those stories hasn’t made the right choice crystal clear for you, it might be time to look for the help of an expert. Stop by Money Talks News’ Solutions Center and learn more about Social Security Choices.

That company provides a personalized analysis of various Social Security claiming strategies, helping you zero in on the best decision for your situation. Social Security Choices sells its product for $39.99, but you can use the coupon code “moneytalks” to get a $10 discount off the usual price.