Social Security cost-of-living adjustment could be 10.5% in 2023, according to a new estimate
To be sure, the estimate for next year's COLA is still tentative. The Social Security Administration calculates the annual adjustment by taking an average of the third-quarter data from the current year and comparing it to the third quarter from the previous year."Looking ahead, there are a number of reasons why we expect those high prices to ease over the coming months," White House Press Secretary Karine Jean-Pierre said in a press briefing this week.
If inflation cools in the coming months and is lower than the recent average, the COLA could be 9.8%, according to The Senior Citizens League. If instead it runs hot or higher than the recent average, the increase to benefits could be 11.4%. In 2022, Social Security beneficiaries received a record 5.9% boost to benefits, the highest increase in about 40 years. However, since then inflation has kicked up.
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