Since the 1940s, the Social Security Administration (SSA) has been sending retirees monthly checks. Each month, SSA also sends money to recipients of Supplemental Security Income (SSI) and other disability and survivor benefits.
Last year, the SSA announced that the cost of living adjustment (COLA) would be 8.7%, leaving Social Security payments higher in 2023. The administration has already transferred the first two payments of the year, corresponding to January and February, and is sending the payments for March.