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As noted by CBS, the last time Social Security saw this kind of increase was back in 1981 when the SSA announced a COLA of 11.2%. The news of the 2023 payment increase comes as a relief to the ...
An 8.7% increase in the 2023 COLA would translate into an average monthly increase of $144.10, CBS News reported. This would boost the typical benefit to $1,802 a month from $1,658 in 2022.
According to a new prediction from the non-profit Committee for a Responsible Federal Budget (CRFB), the COLA for 2023 could be as high as 10.8%, which would be the highest increase in four decades.
Social Security recipients will soon find out what their new monthly payments will be in 2023 after the 8.7% cost-of-living adjustment (COLA) kicks in. Beginning in December, the Social Security...
Spiraling inflation could kick Social Security’s annual cost-of-living adjustment (COLA) to 9% or more in 2023 — a historically high increase that might still leave beneficiaries with less ...
With 2023 fast approaching, Social Security beneficiaries will soon get a definite answer on how much their monthly payments will go up next year based on the current quarter's inflation rate. For...
Each year, usually in October, the Social Security Administration announces the cost-of-living adjustment (COLA) increase for the following year. With the Consumer Price Index (CPI) for September ...
If inflation runs “hot” — or higher than the recent average — the 2023 COLA could be 11.4%, said Mary Johnson, the Senior Citizens League’s Social Security and Medicare policy analyst.