The cost-of-living adjustment (COLA) for 2023 has been announced by the Social Security Administration. After a year of high inflation that impacted the price of food, gas, and other essentials, many seniors were concerned about what their COLA would be for 2023.
The Social Security Administration has reported that the COLA for 2023 will be 8.7%. The first checks that will include the COLA will be those dated January 2023. This is good news for seniors who were worried about their cost of living going up without a corresponding increase in their benefits.
The COLA is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which measures inflation. The CPI-W rose sharply in the past year as a result of high inflation, leading to this historic COLA.
The Seniors Center is calling on Congress to make changes to Social Security that would benefit seniors. While a high COLA is welcome news, changes are needed to ensure the program’s long-term solvency. Learn more about our plan to save Social Security and follow us on Twitter and Facebook today to keep up with all of our updates.