What Will Be the Smallest COLA for Social Security in America in 2023?

Because of this year's extremely high inflation rate, Social Security beneficiaries may almost be certain to get the biggest cost-of-living increase in 41 years in 2023. 

The Senior Citizens League, a nonpartisan seniors advocacy organization, estimates the Social Security COLA for 2023 will be 8.7% based on the most recent statistics on consumer prices.

If that occurs, it will be the largest yearly increase since the 1981 COLA of 11.2%.

Even if the 2023 COLA isn't as high as 8.7%, you may anticipate that the lowest adjustment will still be extremely close - most likely between 8.5% and 8.6%.

The Consumer Price Index for Urban Wage Earners and Clerical Workers serves as the foundation for the COLA. The average annual inflation rate for the third quarter is used to compute it.

 The data for July, August, and September will be combined and divided by three to obtain the average when those results are released. 

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