Social Security payment recipients will see boosted checks as early as December 2022. The Social Security increase was due to the cost-of-living adjustment of 8.7%.

The new COLA increase is considered to be the highest hike in 40 years.

With the Social Security COLA increase, an average Social Security retiree benefit will go up to as much as $146 per month. It will now be $1,822 in 2023 from $1,681 in 2022. However, the increase was short of the $200 some retirees were eyeing as many seniors struggle to keep up with inflation.

In 1981, the cost-of-living adjustment was higher with the COLA increase hitting 11.2%.

Medicare Part B premiums and taxes may influence how much benefit checks recipients will receive.

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Social Security Payments

Recipients of Social Security benefits will have an 8.7% increase applied to payments for spouses, children, and survivors of deceased workers.

The COLA hike of 8.7% also applies to those receiving Supplemental Security Income or SSI payments, and Social Security Disability Insurance or SSDI payments.

Retired workers are beneficiaries most likely to see the largest increase in their benefit amount when the 2023 COLA is applied. They have a 2023 expected benefit amount of $1,822.38 while a spouse of retired workers will receive $903.39 in 2023 as compared to the 2022 benefit amount of $831.54.

Children of retired workers will also receive $855.78.

For SSDI payments, disabled workers are set to receive $1,483.11 while spouses of disabled workers will get $409.19 and their children will receive $469.25.

SSI payments recipients who are 18 and under will receive $794.45 while those ages between 18 and 65 will receive $718.88.

SSI recipients 65 and older will get their checks worth $554.57.

Despite the increase in Social Security benefits, there have been concerns that Social Security payments might not be enough.

Social Security COLA Increase

Ramsey Alwin, President and CEO of the National Council on Aging, noted that the COLA increase is "inadequate for the millions of older Americans" who are paying for increasing housing and health care costs across the country.

Alwin added that poverty is higher for women and people of color, with many of them having had low wages throughout their working lives.

Low wages would mean that they have lower Social Security benefits.

Dan Adcock of the National Committee to Preserve Social Security and Medicare noted that COLAs are about "people treading the water," adding that they are not applied to increase benefits.

Adcock noted that COLA increases are more trying to provide inflation protection so that people can maintain their standard of living.

Social Security recipients lost 30% of their buying power since 2000 as COLAs grew by about half as much as the cost of goods and services.

The gap in purchasing power widened even more to 40% by March.

The Senior Citizens League estimated that the previous COLA of 5.9% fell short of actual inflation every month by an average of 46%.

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This article is owned by Latin Post.

Written by: Mary Webber

WATCH: Social Security Benefits Increase in 2023 - from U.S. Social Security Administration