There is a chance that the price increase this year will be in the double digits. The experts predict a 9.3-10.1% shift
According to Mary Johnson, a Senior Citizens League Social Security and Medicare policy researcher, a 9.6% COLA would increase the average senior payment by $158.98 per month.
If inflation rises significantly and the COLA is increased to 10.1 percent, the benefit will increase by slightly more than $167
If inflation falls below 9.3 percent and the cost of living adjustment is set at 9.3 percent, the average benefit will increase by $154
The SSA's COLA for 2022 was 5.9%. Increases start in December 2022, and new benefits start in January 2023
The SSA announces the COLA increase in October. According to Ms. Johnson, this benefit would cost $58 per month or $373 per year
High COLAs aren't always beneficial to retirees. A rise in the adjustment indicates that prices are rising across the board
When their COLA income exceeded the maximum, 6% lost access to programs. The COLA is also available to SSI recipients (SSI).
The monthly average is $621, with the highest being $841. If the COLA reaches 9.6%, average payouts will increase to $681 and maximum payouts will increase to $921.