As inflation continues to rise at a rapid rate, many Social Security recipients want to know when the COLA increase for 2023 will be announced.
One of the things that will have a direct impact on the COLA increase is the federal funds rate.
The Federal Reserve has plans to raise the rate to 1.9% by the end of 2022.
This will impact how much people spend, and impact the consumer price index for urban wage earners and employees.
COLA: Increase for 2023 may be 3.9%
This is used to determine the COLA increase for the next year.
What a seniors purchasing power will be will also impact the COLA increase for 2023.
The goal with raising it is to help give seniors their purchasing power back, which they lose during inflation.
Social Security: Get the maximum $4,194 per month in benefits
What will the COLA increase be in 2023?
Right now it looks like the increase will be 4.1%.
The SSA won’t announce the official increase until mid October.
The Federal Reserve is working hard to fix the economy and inflation issues by the third quarter of the year.
The raise will be determined with the third quarter of the year.
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