Social Security beneficiaries are expected to see an increase in benefits next year as inflation continues to climb at a record-breaking pace, experts say.
A new report from The Senior Citizen’s League suggests that 2023’s cost-of-living-adjustment, or COLA, could see a 10.5% increase based on the June 2022 Consumer Price Index data, Mary Johnson, the league’s social security and medicare policy analyst told McClatchy News.If inflation continues trending upwards, beneficiaries could see an even bigger jump up to 11.4%. If inflation cools down, however, the COLA adjustment could be smaller, around 9.8%, according to Johnson.
As the economy has recovered from the COVID-19 pandemic and inflation has sky-rocketed, the cost of living has increased, forcing the COLA up, too.a 5.9% COLA, the largest adjustment since 1982. However, inflation has already outpaced this adjustment.While increases to benefits will help beneficiaries combat rising prices, there are notable downsides to the expected adjustments.
The Trustees of the Social Security and Medicare trust funds release an annual funds report, documenting the current and predicted status of the two programs. According to, the programs’ fund that pays retiree and survivor benefits will run out of reserves by 2034. After that, the fund will only be able to pay 77% of scheduled benefits.
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