It is expected that MILLIONS will receive up to $361 more in benefits each month in 2023.
Social Security benefits are calculated each year based on a Cost of Living Adjustment (COLA).
The Senior Citizens League (TSCL) has confirmed to The Sun that its COLA estimate for 2023 is 8.6 percent.
The 8.6 percent increase would mean the average benefit would increase by about $143 per month to $1,800, while the peak would increase by about $361 to $4,555.
However, three months of data can still be expected by October 2022, when the Social Security Administration (SSA) will announce the COLA amount.
This year, the 5.9 percent COLA increase has brought the median Social Security benefit to $1,657, and the maximum is $4,194 per month.
Read our COLA 2022 live blog for the latest news and updates…
What is COLA?
The COLA, or Cost of Living Adjustment, is designed to compensate for recent inflation, and a formula is followed to determine how much the amount increases or decreases each year.
The COLA calculation is based each year on data from the third quarter of the consumer price index for city employees (CPI-W).
If the CPI-W falls or stays the same, Social Security recipients generally do not receive a COLA.
But with the Bureau of Labor confirming a 5.4 percent rate increase for the 12-month period ended September, Social Security and SSI recipients will see a 5.9 percent increase in COLA in 2022.
https://www.the-sun.com/money/5953274/cola-social-security-payment-schedule-increase-2023-live/ 2022 COLA Social Security Payment Plan – Checks may increase by $361 a month in 2023 – see when cash is coming