Social Security Cheat Sheet 2023: New Year, New Benefits – CNET

Social Security beneficiaries can stretch their checks a little farther in 2023. The new year brings the highest cost-of-living adjustment, an 8.7% increase, in nearly 40 years to Social Security beneficiaries. This increase will give recipients more spending power this year as more than half of Americans are suffering hardship due to inflation. The COLA increase has already arrived for some Social Security beneficiaries and Supplemental Security Income recipients, while others will see their checks arrive later this month.

To help guide you through some of the ins and outs of Social Security — from when you should sign up to when you should look for your checks — CNET has created this cheat sheet, which is regularly updated so you can stay on top of the latest details.

How much is my Social Security COLA increase for 2023?

In October, a cost of living adjustment was announced for Social Security beneficiaries, which will increase their monthly payments by 8.7% — the highest since 1981. Here’s everything you need to know about how it affects you.

When will I get my Social Security check?

Whether you’re a new Social Security beneficiary or you’ve been receiving it for decades, knowing when your check will arrive each month is a must. Your payment date depends on your birthday and when you started receiving benefits. Each month, these stories are updated to reflect the exact dates for when the Social Security Administration will disburse your payment.

Stimulus money payments

Find out how much money you’ll get next year.

James Martin/CNET

How to apply for benefits

There are several different types of benefits you can receive from the Social Security Administration and other federal programs. Here’s what they are and how to apply.

I won’t collect Social Security benefits for years. What should I know now?

Preparing for Social Security is important, regardless of how close you are to retiring. But it’s never too late to learn about how your benefits will work once you’re ready to begin collecting them. 

Additional Social Security information that’s important to know

Aside from Social Security benefits, knowing important information about your Social Security number and card can help prevent future mishaps. For instance, if you need a replacement Social Security card or need to know who it’s OK to share your SSN with, we can help.

How is Medicare related to Social Security?

Medicare insurance in the US is for those age 65 or older, or certain people with disabilities. The program is designed to help with the cost of health care and prescription drugs. Whether you receive it now or plan to in the future, it’s good to brush up on how it works.

For additional health insurance information, here’s what to know about Affordable Care Act health plans and how to save on health care if you don’t have insurance.

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