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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.
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.
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% ...
Millions of Social Security recipients got a 5.9% cost-of-living adjustment (COLA) increase in 2022 -- the biggest in decades. ... However, this prediction assumes that the COLA for 2023 is 10.8% ...
A slight deceleration in the U.S. inflation rate in April led one senior citizens advocacy group to lower its 2023 cost-of-living adjustment estimate for Social Security recipients, ...
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...
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 ...
Because of the high COLA in 2023, many Social Security beneficiaries who don’t pay income taxes now might be pushed into income levels where they are taxed. Others might face higher tax rates.