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.
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.
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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