2022 gave Social Security beneficiaries bigger benefits compared to 2021 thanks to the rise in COLA from inflation.
With the rate still breaking records at a rapid pace, it seems that 2023 will see a large COLA increase as well.
COLA is based on the consumer price index at the end of every year.
Social Security payments go out today based on your birthday
In March, inflation surged up to 8.5%.
The newest projection, according to The Sun, is looking like 8.9% for 2023 based on data from the Senior Citizens League.
The average checks in 2021 are worth $1,657 and the max is $4,194.
If the 8.9% comes to pass for 2023, that would boost average checks to $1,804 and the max to $4,567.
How are people receiving a $2,753 payment?
The previous projection was 7.6%.
To help offset inflation, the Federal Reserve is increasing interest rates.
This will make loans and borrowing money more expensive.
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