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When Will 2023's Social Security COLA Increase Be Announced?

Social Security Administration (SSA) announces COLA every year. Since inflation has damaged Americans' wallets, the 2023 Social Security COLA could be huge.

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The CPI report for September 2022 is due out on October 13, and the Social Security COLA could be announced around that time.

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The SSA revealed the 2022 COLA on the same day as the September CPI last year. This year, it's unclear.

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When was the 2022 COLA announced?

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The yearly COLA is based on the CPI-W from the preceding year's third quarter.

How is Social Security's COLA calculated?

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Third-quarter 2022 CPI-W was used to calculate 2023 COLA. Cost-of-living increases are rounded to the closest 0.10%. August's CPI was 8.3% while July's was 9.1%.

Experts estimate the 2023 Social Security COLA could reach 10%. 9% is more likely. The biggest COLA since 1981.

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How much will the 2023 Social Security COLA be?

12% of men and 15% of women rely on Social Security for more than 90% of their retirement income, according to the SSA.

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Does the COLA matter? 

2022 Social Security payments averaged $1,669. This price is less than the average rent in Los Angeles, let alone food and utilities.

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ssa.gov provides Social Security Estimates. It calculates your retirement benefits and when you should start receiving them

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Estimate your Social Security benefits