Notice of the 2023 Social Security Benefit Increase is Scheduled for

Social Security payments are adjusted annually for inflation. 

The Consumer Price Index measures the average annual percentage change in consumer prices for a basket of products and services.

This index is used to calculate cost-of-living adjustments, or COLAs.

This year's rise to Social Security payments due to inflation was 5.9%, but next year's increase should be substantially larger.

Despite the fact that inflation has slowed in recent months, financial experts continue to project a Social Security raise of 8.7 percent or more.

The US Bureau of Labor Statistics publishes the Consumer Price Index for July, August, and September during the second week of every month

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