Social Security Increase 2023 Latest Update

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With inflation rising, it's growing difficult for seniors on a fixed pension to make ends meet.

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Fortunately, help could be on the way. The Social Security Administration (SSA) will issue the cost-of-living adjustment (COLA) for 2023 next month.

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We won't know the official COLA until October. The SSA will announce the COLA in October when September inflation data is posted.

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What will the COLA for 2023 be?

The Senior Citizens League anticipates the COLA for 2023 could be 8.7%, based on the latest CPI statistics from the BLS.

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The COLA rises 1% to 3% most years. In 2018, beneficiaries earned a 5.9% rise, one of the highest in recent history.

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The COLA affects most aspects of Social Security, so whether you're retired or expecting to retire soon, expect a lot of changes in 2023.

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The new COLA won't start until January 2023, so do nothing until then. You won't need to apply for the raise; it will happen automatically.

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How To Prepare For Next Year's COLA

With inflation on the rise, a bigger benefit amount can help make basic necessities more affordable.

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You Should be as prepared as possible by learning all of the ways that next year's COLA will influence your benefits.

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