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