The Senior Citizens League estimates the Social Security benefits increase (COLA) for 2023 may be 8.7%, down from the 9.6% increase predicted last month.
As inflation remains a heavy burden for Americans, Social Security recipients are left to wonder how much of a cost-of-living-adjustment (COLA) they’ll receive next year.
The latest consumer pricing data revealed Tuesday that U.S. inflation slowed for a second straight month, but excluding energy most other items got more expensive in August.
The Senior Citizens League, a non-partisan advocacy group for seniors, estimates the Social Security benefits increase for next year may be 8.7%, based on the data released Tuesday morning. Last month, the group estimated it to be 9.6%, based on data at the time.
If the current estimate holds, it would be the highest cost-of-living-adjustment since 1981 when it was 11.2%.
