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Cost-of-living increases for social security set to increase significantly in 2023

October inflation report will help finalize the exact amount.
Social Security COLA
Posted at 5:00 AM, Oct 03, 2022
and last updated 2022-10-03 09:05:34-04

We don't need to tell you that inflation is continuing; you feel it every time you go shopping.

Unfortunately, some economists predict inflation won't be where it usually is until 2024.

But that doesn't mean help isn't on the way for some Americans.

COST-OF-LIVING RAISES

It may sound dry, but if you are an older American on social security, you are well aware of cost-of-living adjustments.

Cost-of-living adjustments are the increase in pay Americans on social security get each year.

Cost-of-living adjustments are based on the consumer price index, which measures inflation and has been at 40-year highs for most of the year.

Right now, the expectation is the adjustment in 2023 will be 8.7%.

That's according to the Senior Citizens League.

How much is that? If you get a $1,000 check every month, that's $87 more.

Right now, it's just an estimate of the increase.

The October consumer price index will be a key factor in determining the exact amount.

That report is expected on Oct. 13.

Of course, many older Americans yearly have cost-of-living adjustments wiped out by Medicare increases.

However, there may be some relief on that front too.

President Joe Biden announced last week that Medicare Part B premiums would go down next year for the first time in over a decade.