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The group’s latest COLA estimate is well below earlier estimates this year — estimates that projected a Social Security increase as high as 10.5% in 2023. However, even an increase of 8.7% ...
The 2023 COLA is the biggest annual increase since the 11.2% adjustment in 1981. Over the past 40 years, the next highest COLA was this year’s 5.9% bump — only the second time during that span ...
Inflation was still red hot in August, and not-for-profit advocacy group The Senior Citizens League (TSCL) said that it anticipates the Social Security cost-of-living-adjustment (COLA) to be 8.7%,...
The latest cost-of-living adjustment is a record 8.7% bump, taking into account the rampant rates of inflation that have been affecting Americans all year. Social Security COLA 2023: When will my ...
In 2023, seniors on Social Security saw their benefits rise by 8.7% as one of the most generous cost-of-living adjustments, or COLAs, arrived in the midst of soaring inflation.
Employment contracts and pension benefits can be tied to a cost-of-living index, typically to the consumer price index (CPI). A COLA adjusts salaries based on changes in a cost-of-living index. Salaries are typically adjusted annually. They may also be tied to a cost-of-living index that varies by geographic location if the employee moves.
In January of each year, Social Security recipients receive a cost of living adjustment (COLA) "to ensure that the purchasing power of Social Security and Supplemental Security Income (SSI) benefits is not eroded by inflation. It is based on the percentage increase in the consumer price index for urban wage earners and clerical workers (CPI-W ...
Based on CPI data through August, the estimated Social Security COLA for 2023 is 8.7%, according to The Senior Citizens League, a non-partisan seniors advocacy group.