Social Security: This time the 2023 COLA is projected in double digits!

Social Security beneficiaries this time could see cost-of-life adjustments in the double digits in 2023 for the first time in more than four decades.

[{"selector":"#anim-653a3144-b4dd-4cf3-a8f8-bf76dfd9e0d7 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] CREDIT GETIMAGE

[{"selector":"#anim-dbb3e296-8972-45ec-a1d3-bbdd50404c7a","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-4c3278f5-83d1-49f4-816c-b590a647e83e","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Based on a report – inflation in June rose 9.1% over the previous year – the COLA for 2023 is set to be around 10.5%, according to the Senior Citizens League. Based on a report – inflation in June rose 9.1% over the previous year – the COLA for 2023 is set to be around 10.5%, according to the Senior Citizens League. CREDIT GETIMAGE

[{"selector":"#anim-cad9227a-a999-4d1e-b801-6557291f62e1","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}] If that happens, it will be the first time cola will hit double digits again since 1982. Speaking of this year, the 5.9% COLA is the highest since 1981. If that happens, it will be the first time cola will hit double digits again since 1982. Speaking of this year, the 5.9% COLA is the highest since 1981. CREDIT GETIMAGE

[{"selector":"#anim-03629497-0b13-4376-8a23-5585fedaafb0 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.20404400359393%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Analyst Mary Johnson said 2023 COLAs could be up 11.4%. And at least 9.8% will remain. Analyst Mary Johnson said 2023 COLAs could be up 11.4%. And at least 9.8% will remain. CREDIT GETIMAGE

[{"selector":"#anim-f86975b8-d08e-4c44-b94c-4ccddd3e3fac","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}] But it all depends on how the Federal Reserve tries to reduce inflation through raising interest rates. But it all depends on how the Federal Reserve tries to reduce inflation through raising interest rates. CREDIT GETIMAGE

[{"selector":"#anim-7feefca2-c0b8-459d-afee-fa1ab7a7c77e [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.249999886225726%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] There are also reports that the central bank may issue another 75-point hike this month. There are also reports that the central bank may issue another 75-point hike this month. CREDIT GETIMAGE

[{"selector":"#anim-07f6292b-6f4c-4925-bf01-614630e68f7a [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(33.63970578307931%, 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"}] The big hit to Social Security recipients in 2023 will be known only after the current quarter's inflation rate. The big hit to Social Security recipients in 2023 will be known only after the current quarter's inflation rate. CREDIT GETIMAGE

[{"selector":"#anim-3b750f7a-967c-4c15-9b1e-7ac693514ed0","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}] To determine the percentage of change in Social Security for 2023, the 2022 numbers need to be compared with the average for the third quarter of 2021. To determine the percentage of change in Social Security for 2023, the 2022 numbers need to be compared with the average for the third quarter of 2021. CREDIT GETIMAGE

Social Security: This time the 2023 COLA projected in double digits!

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Social Security: This time the 2023 COLA is projected in double digits!

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Social Security beneficiaries this time could see cost-of-life adjustments in the double digits in 2023 for the first time in more than four decades.

Social Security beneficiaries this time could see cost-of-life adjustments in the double digits in 2023 for the first time in more than four decades.

Social Security: This time the 2023 COLA projected in double digits!

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