COLA 2023: Social Security recipients could see $143 more next year

Inflation has not gone down, and as it continues to rise, so does the potential for a larger COLA increase for Social Security in 2023.

social security card representing benefits with cash and the COLA 2023 increase

Each year the Social Security Administration looks at the rate of inflation to adjust the cost of living for seniors.

If there is inflation, the amount Social Security recipients get will increase.

The rate of inflation is currently at 8.3%, so the Senior Citizens League has tweaked its projected COLA increase for 2023.

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The newest projection is now 8.6%.

What does an 8.6% COLA increase mean for 2023?

In 2022 the average monthly Social Security payment is $1,657, and the maximum is $4,194.

If the increase is 8.6% it would boost the average payment to $1,800 per month, an increase of $143.

The maximum payments would rise by $373 to $4,567 per month.

This is only an estimate, and the actual increase is normally announced in October.