Senior citizens and others who rely on Social Security payments will likely receive a big cost-of-living adjustment (COLA) in early 2023, given that the annual hike is based on inflation.
Senior citizens and others who rely on Social Security payments will likely receive a big cost-of-living adjustment in early 2023, given that the annual hike is based on inflation. But the question is: How big of a boost, and will it actually offset an inflation rate that just reached a fresh 40-year high? over the past 12 months — exceeding the forecast from economists for an 8.8% increase.
An increase of 10.5% would increase the average retiree benefit by $175.10, according to Mary Johnson, Social Security and Medicare policy analyst at the Senior Citizens League. This year, the average monthly Social Security check is about $1,658, which means a COLA increase of 10.5% would bring the average monthly payment to $1,833.10 early next year.
"A high COLA will be eagerly anticipated to address an ongoing shortfall in benefits that Social Security beneficiaries are experiencing in 2022 because inflation is higher than their 5.9% COLA," Johnson said in an email to CBS MoneyWatch. At the moment, there are multiple forecasts for the next annual Social Security cost-of-living adjustment, but the experts all agree on one thing: The next COLA will likely be the biggest since 1981, when seniors received a bump of 11.2%.
If inflation continues to run hot, or higher than the recent average, the COLA could reach 11.4%, the Senior Citizens League said on Wednesday. If inflation drops down below the recent average, seniors may see an increase of 9.8% — lower than forecast, but still marking the highest adjustment since 1981.
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