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Yes, an increase in COLA is expected, which is being announced by the Social Security Administration by 2023.
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This increase will be keeping in mind the inflation that we see year after year. The growth will be based on the Consumer Price Index.
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The annual cost adjustment in 2022 was 5.9% - the equivalent of an average additional $93 per month. By June, the Consumer Price Index had risen to 9.1%. So the CPI chart will determine the Social Security benefit for goods and services.
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Any increase announced a 2023 cost of living increase, or COLA, will be announced in October, and experts suggest Social Security checks could rise to a low of 8.7% next year, the biggest increase in more than 40 years.
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