Record-high inflation levels 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 third-quarter data from the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
The 2023 COLA announcement is anticipated to be around Oct. 13, after the September CPI report was released.
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In 2021, the Social Security Administration (SSA) announced the COLA the same day CPI-W was announced. Therefore, it is not too much of a stretch to expect this year’s COLA announcement to be revealed around that time.
Social Security recipients received a 5.9% COLA boost in 2022, which was a substantial increase from the previous two years.
According to the Social Security Administration (SSA), the average monthly benefit as of July 2022 is $1,544.70.
Related stories to Social Security increases:
Social Security increase 2023: How much will my check be?
Social Security increases 2022: Here’s who is getting money
Social security benefits: Is extra $200 monthly payment coming?
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