Social Security checks will enjoy a historic increase in 2023

October 10, 2022 Camelia Bhattacharyya Stimulus Check, US Local News 0

COLA 2023: When and how much might the social security rise

Although no one can definitively say what Social Security’s COLA will be in 2023 until the BLS releases the September inflation information later this week, the July and August inflation data provide rather solid indications as to what to anticipate.

Through the first two months of the third quarter, the cost-of-living adjustment was on rate for an 8.76% increase, which would be rounded up to 8.8%. Check SSI’s newly launched website for all the details.

However, with crude oil and natural gas prices tapering late, the top-line inflation reading for September is likely to fall from August. This is probably why Social Security policy analyst Mary Johnson of The Senior Citizens League (TSCL), a nonpartisan senior advocacy group, believes next year’s COLA will come in at 8.7%.

Historically, an 8.7% COLA is high. Since the CPI-W became the primary measure of price changes for Social Security, an 8.7% increase would represent the fourth-largest year-over-year increase and the most significant percentage boost since 1982. In nominal-dollar terms, it’ll undoubtedly be the most significant increase on record.

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But percentages are one thing — extra cash in your hand or bank account is an entirely different story. For the average retired worker, an 8.7% cost-of-living adjustment would result in a $146/month boost to their Social Security check.

As for the average disabled worker and survivor (“survivor” includes all categories of survivors, such as widows/widowers, as well as parents and children), monthly benefits would be expected to rise by $119 and $116, respectively.

There’s plenty of reasons for retirees to cheer on a nominal-dollar basis. But dig a bit deeper, and seniors won’t be as happy.

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About Camelia Bhattacharyya 256 Articles
Camelia is an intern for PanAsiaBiz studying at the Amity University, Kolkata [B. Tech (biotechnology)]. She is fond of writing on Science, Health, and Biotechnology topics.