Beneficiaries should expect HUGE boost in 2023 — how much will you get?
AS inflation is causing major concern in the US due to rising prices, a massive benefit increase for retirees has been projected in 2023.
Next year's COLA is anticipated to be higher than the 5.9 percent for 2022 as a consequence of the spiraling Consumer Price Index (CPI).
According to the Senior Citizens League, the current projected COLA for 2023 is 8.9 percent, which is a whopping three percent more than in 2022.
The average monthly benefit from the COLA is currently $1,657, but this will climb to $1,804 in 2023 if the corrected number is used.
The CPI increased to as high as 8.5 percent for the 12-month period ending March 2022, the highest rise since the period ending December 1981.
Part of the rise in the CPI can be attributed to Russia's invasion of Ukraine.
But it also has to do with the federal government's large-scale spending during the Covid-19 pandemic.