Each year, the Social Security Administration (SSA) reviews the cost-of-living index to determine if benefits should be adjusted. If there is an increase in the cost-of-living, then retirees can expect a similar increase in their benefits. In years of high inflation, such as 2022, retirees can expect a big new cost-of-living adjustment (COLA).
The Motley Fool predicts that the COLA for 2023 could be between 9.3 and 10.9 percent—a huge relief for retirees on a fixed income. However, the official number won’t be announced until October 2023, just a few months before the adjustment takes effect in January 2024.
While we don’t know exactly how much the new cost-of-living adjustment will be for 2023, we do know that it will be a welcome relief for retirees. At The Seniors Center, we’re working to improve the future of Social Security by calling on Congress to restore the Social Security Trust Fund and make changes that won’t hurt beneficiaries’ bottom lines. Ready to join us in taking action? Follow The Seniors Center on Twitter and Facebook to learn more.