When Will You Get Social Security Checks With 8.7% COLA for 2023?

Source: Shutterstock / Lane V. Erickson

Social Security recipients wondering when they will get their checks with the new 8.7% cost-of-living adjustment (COLA) now have an answer!

The Social Security Administration will send out the first checks with the 8.7% COLA on Dec. 30. That COLA increases the monthly social security check payments you will get when they arrive every month.

The reason behind this increase in Social Security has to do with rising inflation. As inflation increases, the Social Security Administration introduces COLA to make sure that the monthly payments keep up with recipients’ needs.

What About Further Inflation?

This new COLA lasts through 2023 and should help seniors from having to dip into their extra savings as much. However, there’s the risk that rising inflation will result in them having to rely on those extra funds if payments can’t keep up with prices.

Fortunately, the latest consumer price index (CPI) data shows inflation easing up. Many experts believe that will continue into 2023, which would be a boon to seniors worried about their Social Security payments not stretching far enough.

Seniors receiving Social Security will also want to check out this link. It contains a full schedule of when Social Security payments will be delivered for each month in 2023.

And if you’re looking for stock market news, we’ve also got you covered with the latest happenings!

Thursday’s been a busy day for the stock market and we’ve got the perfect catch-up. That includes what’s happening with shares of airline stocks, the latest on Mullen Automotive (NASDAQ:MULN), and what’s going on with Plug Power (NASDAQ:PLUG) shares. You can find out all about these matters at the links below!

More Thursday Stock Market News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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