Based On Our Calculations, If The Cola Were To Be Announced Based On The Increases Seen Between October And May Would Land Beneficiaries With A 6.9 Percent Increase.

Even though estimates for the 2023 cola increase are looking to give significant boosts to benefit payments — potentially a 10.8% increase — there are several reasons seniors. Social security benefits have lost 40% of their buying power since. I still suspect the cola adjustment for 2023 will be higher than 8%,.

14 Update From Johnson, Social Security's Cola Now Appears To Be On Track For An Estimated 8.7% Increase In 2023.

The nonpartisan committee for a responsible federal budget said the 2023 cola could be 10.8 [cb2]% if inflation remains high for the rest of the year. For the average retired worker, who should be. Johnson has seen her forecast for the 2023 cola.

The Report Also Predicts That The Range Could Be As Low As 9.3%.

This is higher than the 8.6% it predicted in may 2022. The group’s latest cola estimate is well below earlier estimates this year — estimates that projected a social security increase as high as 10.5% in 2023. That would be the largest.

A Spokesperson For Ssa Confirmed To The Website Verifythis.com The 2023 Cola Will Be Announced In October.

The highest ever was 1980’s 14.3% increase. While the final social security cost of living adjustment won’t be known for several months, the latest consumer price index data suggests that next year’s cola is approaching.