Increase in social security: When will we know the COLA for 2023?
Record levels of inflation are expected to push Social Security’s cost-of-living adjustment, also known as COLA, to its highest level since the 1980s.
However, the exact amount of the Social Security increase will not be revealed until at least the middle of next month.
The COLA for 2023 will be based on data from the third quarter of the consumer price index for urban and office workers (CPI-W).
The COLA 2023 announcement is expected to take place around October 13, following the release of the September CPI report.
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In 2021, the Social Security Administration (SSA) announced the COLA the same day the CPI-W was announced. Therefore, it is no exaggeration to expect that this year’s COLA announcement will be revealed around this time.
Social Security recipients received a 5.9% increase in COLA in 2022, which is a substantial increase over the previous two years.
According to the Social Security Administration (SSA), the average monthly benefit in July 2022 is $1,544.70.
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