Social Security Recipients Could Get a Massive 11% Raise Next Year
By:
Adam Hardy
Adam Hardy
Lead data journalist | Joined May 2024
Has also written:
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Originally Published:
Jul 06, 2022
Money; Getty Images
Surging inflation could lead to the biggest boost to monthly Social Security benefits since 1981.
The 2023 Social Security cost-of-living adjustment, or COLA, would be 10.8% if inflation continues at its current pace, according to a new prediction from the non-profit Committee for a Responsible Federal Budget (CRFB).
Each year in October, the Social Security Administration officially announces the following year’s COLA based on inflation trends. Since inflation has been lingering near four-decade highs, Social Security beneficiaries are expected to get their biggest raise in four decades as well.
