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New COLA estimate for 2023 could give seniors extra $175 per month

As inflation continues to rise, the COLA estimate for next year rises as well, and seniors could see $175 more per month in their checks.

Social Security payments, which increase thanks to COLA.

The latest estimate for a COLA increase is between 9.8% and 11.4%.

The rate of inflation has risen to 9.1% as of June 2022.Stimulus payments worth up to $850 are going out in these 4 states

Housing, gas, and groceries are the highest goods constributing to rising inflation rates.


The Senior Citizens League has predicted an increase that will end up at 10.5%.

What it really ends up at depends on the rate of inflation between now and then.

If it runs lower, it could land at 9.8% and if it runs higher, it could land at 11.4%.

The average monthly benefit would jump to $1,668.

Increases would go into effect in Dec. 2022 and the first payment would be for Jan. 2023.

While an increase may seem like a good thing, Medicare Part B premiums would increase.

In 2022 the increase was the highest in recent years at 14.5%.

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