What Will the Social Security COLA Be in 2023?

By Ranjeet 06/12/2022

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In 2023, beneficiaries of Social Security will enjoy a significant increase in their monthly benefit payments.

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A beneficiary's cost-of-living adjustment (COLA) from Social Security is calculated annually based on the change in the CPI.

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The Consumer Price Index for the week ending November 10th indicates that inflation is decreasing.

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however, many Americans, especially pensioners, are still feeling the pinch as the all-items index rose 7.7% in the 12 months ending in October.

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When asked what affected their finances in 2022 the most, 42% of Americans indicated higher food prices.

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Nonetheless, 24% reported that the most noticeable change was the increase in the price of gas. 

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The Consumer Price Index shows that the cost of groceries has increased by over 10% this year, with the cost of gasoline increasing by 17.5%.

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According to Forbes, an increase of 8.7 percentage points will result in an average additional monthly benefit of $14 for individuals and $240 for joint filers.

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The SSA has announced that the cost-of-living adjustment (COLA) will be implemented in January 2023 for about 65 million Social Security recipients, 

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and that on December 30, 2022, more than 7 million SSI beneficiaries would begin receiving increased payments.

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