Social Security recipients receiving benefits may see a major increase in benefits for 2023 with the COLA increase estimated to be around 8%.
An official with Social Security shared that the COLA will be closer to 8% due to the rate of inflation not slowing, according to CNS News.
Inflation rates haven’t been this high in almost 40 years.
The last COLA increase that would be this high was in 1981.
If the jump is that high, it will bring in an average of $132.64 more dollars in 2023.
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Right now, the current average check is $1,658 per month.
With the increase, it would jump to an average of $1,790 per month.
The announcement is made in October each year, and the change goes into effect when people see their Jan. checks.
The original prediction for the COLA increase in 2023 was just 3.8%.
This was announced by the trustees in their report regarding the future of Social Security benefits and programs.
The 3.8% was determined back in February, before inflation really started to increase and Russia invaded Ukraine.