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The 7.6% benefit increase in January 2023 would equate to an additional $124 per month, or almost $1,500 more for the full year.
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The Senior Citizens League, a nonpartisan senior advocate group, says 2023 colas could remain as high as 7.6% based on the latest data from the Consumer Price Index.
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The SS COLA is calculated based on the annual change in the CPI-W – the Consumer Price Index for Urban Wage Earners and Clerical Workers.
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