The record Social Security increase for 2023 could be lower than expected as inflation eases, according to new predictions from the Senior Citizens League
The most up-to-date CPI data, in light of the new figures, showed that the Social Security cost-of-living adjustment could reach 8.7% for 2023 instead of the previously forecasted 9.6%, according to the Senior Citizens League.
While the increase is lower than prior forecasts, should the COLA boost stay this way when the COLA for 2023 is announced in October, it will still be the highest increase since the 1980s, when the COLA was 11.2%.
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