As cost-of-living expenses continue to rise, seniors on Social Security could see a significant bump in their benefits come 2023. According to a report from CBS News, the COLA (cost-of-living adjustment) for 2023 could be as high as 11 percent.
Some groups have given more moderate estimates depending on the inflation rate, but regardless of the exact number, it seems likely that seniors can expect a significant increase in their benefits come 2023. For retirees with an average monthly Social Security check of $1,658, for example, a 10.8 percent increase would mean that their checks would increase by $179 each month. This would be the largest COLA since 1981 and could help offset some of the increased costs of living that seniors have been facing in recent years.
The Seniors Center is calling on Congress to improve Social Security so that future generations of Americans can continue to count on this important program. Learn more about our mission today—and be sure to follow us on Twitter and Facebook for more updates.