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Social Security COLA could increase again in 2023

The estimated 2023 cost-of-living-adjustment could be 7.6%.

 older man calculates money as Social Security COLA is set to increase in 2023

Social Security COLA stands at 5.9% in January 2022, the highest rise in 40 years.

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Why is it going to increase again?

The Social Security COLA is calculated using the Consumer Price Index for Urban Wage Earners and Clerical Workers, 0r CPI-W. There is also a Consumer Price Index for all Urban Consumers, called the CPI-U. Read more about it here.

CPI-W is a specialized way of tracking retail prices and how they affect hourly wage workers. CPI-U is a more general index measuring what all urban consumers pay.

CPI-W focuses on the importance of food, clothing, transportation, and other goods as compared to CPI-U.

The Social Security COLA for 2023 won’t be determined until this October.

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