The estimated 2023 cost-of-living-adjustment could be 7.6%.
Social Security COLA stands at 5.9% in January 2022, the highest rise in 40 years.
Michigan drivers could be eligible for an additional $400
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.
Earn up to $1,400 in stimulus checks and monthly payments
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