COLA increase 2022 Social Security payment — Americans should expect HUGE boost in 2023 — how much will you get?

A MASSIVE benefit increase estimate for retirees could become a reality in 2023.

Next year's COLA (cost-of-living adjustment) is anticipated to be higher than the 5.9 percent increase in 2022 as a consequence of the spiraling Consumer Price Index (CPI).

The current projected COLA for 2023 is 8.9 percent, according to the Senior Citizens League.

That is an impressive three percent more than in 2022.

The average monthly benefit from the COLA is currently $1,657 but would climb to $1,804 in 2023 if the estimated increase occurs.

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.