2023's massive social security cola increase may not be enough for retirees social security could jump 9% next year, but it may not keep pace with retirement costs. The exact amount depends on your monthly social security retirement benefit. According to an august update from nonpartisan senior advocacy group the senior citizens league (tscl), the expectation is for the 2023 cola to come in at 9.6%.
In July, Prices Rose By 8.5% Over 12 Months And Were Unchanged From June.
Social security recipients are up for a big raise next year: How much more would social security recipients get in 2023? And munnell said it's highly likely.
Although The 2023 Social Security Cola Could Be Historically High, Medicare Participants May See Lower Premiums Next Year.
The maximum amount of work income subject to the social security tax is currently $147,000, a number that will be adjusted for wage increases in 2023. That reflects a significant drop in the consumer price. That would be the largest.
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.
In 1981, the cola for social security and federal retirees was 11.2%. The latest cola increase estimate is 8.7%, almost a full percentage point from the 9.6% the league predicted last month.