Retirees on Social Security could see monthly benefit rise an average of $159 in 2023 due to inflation, estimate finds

• High inflation points to a possible 9.6% Social Security cost-of-living adjustment in 2023, according to a new estimate based on data released Wednesday.
• There are still a couple of months to go before the Social Security Administration announces just how much to expect.

New government data points to signs that red-hot inflation is starting to cool. But Social Security beneficiaries may still be in for a record high cost-of-living adjustment in 2023.

The Senior Citizens League, a nonpartisan senior group, now estimates Social Security benefits may increase 9.6%, based on Consumer Price Index data released Wednesday.

That would amount to an extra $158.98 per month for the average retiree benefit of $1,656, according to the group’s calculations.

In comparison, The Senior Citizens League had predicted a 10.5% COLA last month based on hotter than expected CPI data.

https://www.cnbc.com/2022/08/10/social-security-cost-of-living-adjustment-may-be-9point6percent-in-2023.html