Social Security: COLA 2023 Projected By Double Digits After Latest Inflation Report

could see their 2023 cost-of-living adjustment double digits for the first time in more than four decades, with inflation remaining at a consistently high level.

[{"selector":"#anim-39025061-37b5-4660-82ec-33cb533ea6ed [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(12.514648210040342%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] CREDIT GETIMAGE

[{"selector":"#anim-112abc2d-6cba-451b-8269-1b11280df797","keyframes":[{"transform":"scale(1)","offset":0},{"transform":"scale(1.5)","offset":0.33},{"transform":"scale(0.95)","offset":0.66},{"transform":"scale(1)","offset":1}],"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}] Inflation rose 9.1% in June over the previous year – according to one report, the COLA for 2023 is set to be around 10.5%. Inflation rose 9.1% in June over the previous year – according to one report, the COLA for 2023 is set to be around 10.5%. CREDIT GETIMAGE

[{"selector":"#anim-8acbf6c4-619c-45da-9a39-27a02a5048be [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-12.514648210040342%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] If this happens, according to the Social Security Administration, it will be the first time the COLA has reached double digits since reaching 11.2% in 1982. If this happens, according to the Social Security Administration, it will be the first time the COLA has reached double digits since reaching 11.2% in 1982. CREDIT GETIMAGE

[{"selector":"#anim-1bba46c2-de1a-4a89-8b91-84ea0f29ae4a [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(12.514648210040342%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] Speaking of COLA, the highest COLA ever was 14.3% in 1981. Speaking of COLA, the highest COLA ever was 14.3% in 1981. CREDIT GETIMAGE

[{"selector":"#anim-b3e7f58e-9aaa-4a73-b393-aed528d1cca0","keyframes":[{"transform":"scale(1)","offset":0},{"transform":"scale(1.5)","offset":0.33},{"transform":"scale(0.95)","offset":0.66},{"transform":"scale(1)","offset":1}],"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}] The increase or decrease in interest rates by the Federal Reserve controls inflation, so the increase or decrease in COLA will be based on this. The increase or decrease in interest rates by the Federal Reserve controls inflation, so the increase or decrease in COLA will be based on this. CREDIT GETIMAGE

[{"selector":"#anim-3793082a-d19e-4a3d-b701-564d2d976b04 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-28.446691045685945%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Comparing the 2022 number to the third quarter average of 2021 will determine the change for 2023. Comparing the 2022 number to the third quarter average of 2021 will determine the change for 2023. CREDIT GETIMAGE

[{"selector":"#anim-eb208862-7045-433c-922f-9919cb66dd29 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(12.514648210040342%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] According to one report, a 10.5% COLA would increase the average retiree's benefit by $175.10 from $1,668. According to one report, a 10.5% COLA would increase the average retiree's benefit by $175.10 from $1,668. CREDIT GETIMAGE

Social Security: COLA 2023 Projected By Double Digits After Latest Inflation Report

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Social Security: COLA 2023 Projected By Double Digits After Latest Inflation Report

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could see their 2023 cost-of-living adjustment double digits for the first time in more than four decades, with inflation remaining at a consistently high level.

could see their 2023 cost-of-living adjustment double digits for the first time in more than four decades, with inflation remaining at a consistently high level.

Social Security: COLA 2023 Projected By Double Digits After Latest Inflation Report

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