How much will the cost-of-living adjustment (COLA) for Social Security be in 2023? The important query is that.
Since well over a year ago, inflation has been skyrocketing, and it has been especially high recently. People in general, not just pensioners, have been impacted by it.
The good news is that the sky-high rate of inflation is creating the conditions for the highest COLA for Social Security in decades.
Estimates from earlier this year predicted an 11% increase in benefits. And while a rise that high appears improbable at this time, a COLA in the 9% level is very possible.
The 5.9% COLA seniors got at the beginning of 2022 would still be surpassed by the 8% to 9% COLA that would be implemented in 2019.
Although Social Security users might be eager to learn exactly how high the COLA for the upcoming year will be, the truth is that it's likely to eventually fall short no matter what.