HomeNewsWhen Will The Social Security COLA Increase Be Announced For 2023?

When Will The Social Security COLA Increase Be Announced For 2023?

As the economy recovers from the epidemic, inflation often rises and begins at a record rate in 2022. Many fixed-income recipients of Social Security feel the sting of increasing costs right now, but the good news is that this high inflation could lead to another record boost in benefits.

Through the annual Cost-Of-Living-Adjustment, the Social Security Administration adjusts the amount it pays out in monthly payments to account for inflation (COLA).

When Will Cola For 2023 Be Announced?
When Will Cola For 2023 Be Announced?

One of the few sources of retirement income that accounts for inflation is Social Security.

On October 13, 2022, the US Bureau of Labor Statistics is expected to publish the Consumer Price Index for the month of September 2022. After the 2021 COLA was announced by the Social Security Administration on the same day that the third-quarter CPI data was revealed in 2020, Thursday, October 13, 2022, seems like a reasonable estimate for when the final 2022 COLA will be announced.

The projected increase in the cost of living allowance (COLA) could reach 10.5%, which would be significantly higher than the projected increase of 5.9% in 2022. Retirement policy program director at the Urban Institute in Washington, D.C., Richard Johnson, estimates a range of 9 percent as a “fair approximation.”

“It’s difficult to foresee the precise course that energy prices will take over the next few months. That’s the main thing that’s unclear to me right now.

How Is The COLA Calculated?

Any COLA adjustments are determined by the monthly release of the US Bureau of Labor Statistics’ Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The Social Security Administration takes an average of the monthly increases between the third quarter of the year before the COLA was implemented (2021 in this case) and the third quarter of the year in question (2020 in this case). Normally, Social Security payments would be issued on the first of the month, but because January 1 is a holiday, this month’s payment will be issued at the end of December.

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Marina Daniel
Marina Daniel
I'm Marina Daniel and I'm a research junkie. Marketing and promotion are my favorite roles in the team because I love to see them come to life. As an SEO editor, my role is to strategize and plan content that will help our website's rankings in Google search results.I have a special knack for finding factual information about topics quickly, which is why I love what I do. If you're ever interested in how SEOs work or need any input on your own SEO strategy, feel free to email me.

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