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The group’s latest COLA estimate is well below earlier estimates this year — estimates that projected a Social Security increase as high as 10.5% in 2023. However, even an increase of 8.7% ...
A 10.5% COLA would increase the average retiree benefit of $1,668 by $175.10, according to the Senior Citizens League. ... Estimate for 2023 COLA Pushes Into Double Digits After Latest Inflation ...
Since then, adjustments have not seen that big of a bump until 2022’s 5.9% increase, which was only the second time in nearly four decades that the COLA was raised over 5%. That means 2023’s 8 ...
The big news for 2023 is an 8.7% jump in the Social Security COLA, which is the highest since an 11.2% increase in 1981. The COLA’s steep hike this year is due to the soaring inflation rate ...
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.
Inflation was still red hot in August, and not-for-profit advocacy group The Senior Citizens League (TSCL) said that it anticipates the Social Security cost-of-living-adjustment (COLA) to be 8.7%,...
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...
In 2023, seniors on Social Security saw their benefits rise by 8.7% as one of the most generous cost-of-living adjustments, or COLAs, arrived in the midst of soaring inflation.