According to the Senior Citizens League (SCL), there could be a nearly 10% increase in Social Security by 2023 to keep up with inflation.
July’s consumer price index (CPI) reported that inflation rose by 8.5% over the past year. This has made it more difficult for those on a fixed income, such as those who depend on Social Security benefits to survive.
The adjustment for the cost of living, or COLA, for 2023 when released, will be based on data from the third quarter of the Consumer Price Index for Urban Wage Earners and Employees (CPI-W).
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The 2023 COLA announcement is expected to be around October 13, after the September CPI report was released.
If the September CPI report shows higher-than-expected inflation, there is a possibility that the 2023 COLA will move up to 10.1%.
Should COLA rise 10.1%, it would be the first time it has reached double digits since 1982, when COLA reached 11.2%.
Social Security recipients received a COLA boost of 5.9% in 2022, which was a significant increase from the previous two years.
According to the Social Security Administration (SSA), the average monthly benefit as of July 2022 is $1,544.70.
Related Stories About Social Security Increases:
Social Security Increase 2023: How Much Will My Check Cost?
Social Security Boosts 2022: Here’s Who Gets Money
Social Security Benefits: Will there be an additional $200 monthly payment?
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