Early indications show rising inflation could produce another record-high cost of living adjustment (COLA) for Social Security recipients in 2023. Beneficiaries received a 5.9 percent bump in 2022, the highest adjustment in 40 years.
Analysts are raising the possibility the 2023 COLA could reach 8 percent. That projected increase would be the largest since the 11.2 percent hike in 1981.
The most critical data for the final calculation is how inflation is running in July, August, and September. Current indications are inflation will continue to rise from now until then. The annual announcement for the coming year’s COLA is expected in October.
While early estimates mean good news for seniors, there’s a downside. An 8 percent increase will result in drawing billions of dollars more from the Social Security trust funds, raising new questions about the program’s long-term solvency.
Council of Seniors Works for More Benefits for Seniors
Extra income for seniors is especially critical now. Here at Council of Seniors, we’re committed to getting Congress to pass The SAVE Benefits Act. This bill will strengthen the Social Security cost of living adjustment (COLA) and make up for what you should have received over a series of years. If passed, seniors will be reimbursed the missing $581.
Please sign our petition right away. Let’s work together to show Congress the growing support for this bill. Tell your friends and neighbors to join in too! Any help you can provide in returning this money to seniors will be greatly appreciated.
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