Social Security recipients will receive an 8.7% increase in 2023, the largest cost of living adjustment in more than 40 years.

The increase will mean about $146 more a month on average for most retirees but it will be a few more weeks before beneficiaries see the change in their checks.

The COLA increase goes into effect with December 2022 benefits, which will appear in checks sent out in January 2023. Social Security payments are made on a rolling basis determined by birthdays: birth dates on 1-10th of the month receives payments on the second Wednesday; 11-20th on the third Wednesday; and 21st-31st on the fourth Wednesday.

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That means the first checks with the increased amount will come on Jan. 11, Jan. 18 and Jan. 25, respectively.

COLA increases are determined by the Consumer Price Index showing the year-over-year change in prices for goods and services for July, August and September. The 2023 jump is the largest one-time increase since 1981 when benefits rose 11.2% and a large boost from the 5.9% increase that took effect this year.

To determine what the increase will mean to you, go to your personal Social Security account to view the COLA notice online. People may create or access their My Social Security account online at www.ssa.gov/myaccount. Beneficiaries will also be notified by mail in early December about their new benefit amount.

You can go here to see a complete list of Social Security payment dates.