Inflation at its most excellent rate in four decades is predicted to result in the highest Cost of Living Adjustment (COLA) in 2019. However, we won’t know how much of an increase to expect for at least another month.
The CPI-W, or Consumer Price Index for Urban Wage Earners and Clerical Workers, provides the foundation for the rise in Social Security benefits scheduled for 2023. It is anticipated that this information will be made public around October 13, following the publication of the September CPI report.
It is reasonable to predict that the Social Security Administration will announce the COLA on or around the same day CPI-W is released, as they did last year. The 2023 cost-of-living adjustment (COLA) will be revealed in October, according to an SSA official who talked with VerifyThis.com.
According to projections, this year’s increase could be as high as 10%, the highest increase since 1981, when the COLA was 11.2%. If inflation rates rise beyond 10% at the end of the month or fall below -9.3%, the range is wide.
The average monthly pension would rise by $175.10 with a 10% boost. The Social Security Income (SSI) payout was raised by 5.9% in 2022.
What Will The Increase In Social Security Look Like In 2023?
This would be the most significant cost of living adjustment (COLA) increase since 1981’s 11.2% increase. Any projections are just that, projections; the final COLA will be based on how much prices rise or fall between now and the end of September. In 2023, the average monthly Social Security retirement payment would increase by roughly $150 if the COLA was 9%.
Do Cost-Of-Living Adjustments (COLA) Boost Social Security Payments? Regardless of when a retiree begins receiving benefits, they will receive the full use of any cost-of-living adjustments (COLAs) to the Social Security retirement age.