Social Security may announce highest COLA in 40 years.
By The Exchange Team
The Social Security Administration will disclose the 2023 cost-of-living adjustment this week, which may help retirees facing record high inflation.
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.
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.
Mary Johnson, a Social Security and Medicare policy researcher at The Senior Citizens League, remarked, "These are simply projections."
Each month, as fresh CPI data is posted, the committee estimates how the COLA will look.
Based on June data, the Senior Citizens Leagues estimated a 10.5% increase in benefits for next year.