Another COLA rise could make things tight for Americans.
The 2022 rise was 5.9%, the biggest increase in 40 years.
2023 COLA prediction
The Senior Citizens League suggests that Social security Security beneficiaries may see a 7.6% COLA in 2023 according to recent inflation data. Read more about it here.
Cost-of-living adjustment (COLA) is calculated by looking at changes in the consumer price index for urban wage earners and clerical workers (CPI-W).
The increase to COLA is also due in part to the rising cost of everything around us. That includes food, gas, and housing.
Despite the 2022 rise of 5.9%, the rate of inflation is quickly outpacing it. That means that 7.6% rise next year is likely because of overall increased costs.
Because the rise will be the highest in years, putting extra money away to help you down the line could be very helpful.
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected].