Social Security may announce highest COLA in 40 years.

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The Social Security Administration will disclose the 2023 cost-of-living adjustment this week, which may help retirees facing record high inflation.

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The benefit increase is expected to be disclosed Thursday, along with new consumer price index data for September.

Last month, the Senior Citizens League, a nonpartisan senior organisation, calculated that the COLA may reach 8.7% next year.

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It would be the highest raise in decades, topping this year's 5.9% annual cost-of-living adjustment, the most in about 40 years.

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Mary Johnson, a Social Security and Medicare policy researcher at The Senior Citizens League, remarked, "These are simply projections."

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Each month, as fresh CPI data is posted, the committee estimates how the COLA will look.

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