Finally: Great News for Retirees
Retirees could see a big boost in their Social Security benefits next year.
This year, Social Security recipients saw the highest cost of living adjustment in 40 years — 5.9%, or $93. Some experts believe there will be an even bigger adjustment in 2023.
“Looking at the CPI-W [Consumer Price Index for Urban Wage Earners and Clerical Workers] trends that we’re seeing so far this year, it is likely we’re going to have a COLA [cost-of-living adjustment] closer to 8% than 3.8%,” said Stephen Goss, chief actuary at the Social Security Administration, during a recent briefing.
“That is actually good news for the beneficiaries who are currently eligible for benefits in this year,” Goss added. “They will get a relatively high increase to their benefit.”
Of course, the COLA for 2023 could change before it is formally announced later this year. According to CNBC, 2023’s adjustment will depend on inflation in July, August, and September.