Finance
January 1, 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.
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Jack Farris
June 12, 2022 at 12:37 pm
The raise in Social Security is almost like a joke. The amount each person gets your Medicare cost increases to just about take the raise. But with the COMMIE Democrats they take the money to provide the illegals with their money for living as they sure in hell don’t work. But why should they when the scum bums in D C provide them with everything at we they tax payers expense. JOE AND HIS HOE fly the illegals all over the U S A and dump them out so the states can house and feed them.