Inflation could increase social security cost of living adjustment by about 10% by 2023 | Top Stories

With inflation at a nearly 40-year high, Social Security could see a historic boost next year to help seniors keep up. The most recent estimate for a 2023 cost of living adjustment, or COLA, is 9.6%, said Mary Johnson, social security and health care policy analyst for senior advocacy group the Senior Citizens League.

The July Consumer Price Index CPI report shows that inflation has risen 8.5% in the past 12 months, making it more difficult for people on fixed incomes, such as those on Social Security, to make ends meet. knots.

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