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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.

DiSanto Propane (Billboard)

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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