The Social Security Administration (SSA) typically releases the cost-of-living adjustment (COLA) rise for the next year in October. There should be an announcement of the COLA around the time that the September 2022 Consumer Price Index (CPI) is revealed on October 13.
The Social Security Administration (SSA) typically announces the annual cost-of-living adjustment (COLA) for the next year on the same day the September CPI is released. The 2023 COLA will be revealed in October, according to an SSA spokesman who spoke with VerifyThis.com.
The Social Security Administration bases cost-of-living adjustments (COLAs) on the Consumer Price Index (CPI) for Urban Wage Earners and Clerical Workers (CPI-W) in the third quarter before the base year. All cost-of-living adjustments (COLAs) are rounded up to the closest tenth of a percent. In the first of three months that will determine the COLA for 2023, the CPI for July was 9.1%.
I was wondering whether you knew of the most recent change to 2023’s Social Security benefits. Check out our coverage updating social security benefits for 2023, when an enormous COLA hike is expected.
For this reason, some have speculated that the COLA for 2023 might be as high as 10%. According to a report by AARP.org, such an increase would be the most since the COLA reached 11.2% in 1981.
In an interview with AARP, Richard Johnson, director of the retirement policy program at the Urban Institute in Washington, DC, said, “I think somewhere in the 9% range is probably a reasonable guess,” adding that energy prices could be the wild card in the CPI.
Since gas prices have been falling over the previous month, that may impact the consumer price index. The average monthly benefit for seniors receiving Social Security may climb by almost $150 with a 9% increase.
Our look ahead to the 2023 cola increase in Social Security ends here. Follow us exclusively on Lee Daily for more updates like this.
