Link: https://www.thinkadvisor.com/2022/09/13/social-security-cola-for-2023-estimated-at-8-7/
Excerpt:
The consumer price index data for August, released Tuesday, shows 8.3% inflation over the past 12 months before a seasonal adjustment and was 0.1% from July to August on a seasonally adjusted basis. In July, prices rose by 8.5% over 12 months and were unchanged from June.
Based on the new data through August, The Senior Citizens League estimates the Social Security cost-of-living adjustment, or COLA, for 2023 could be 8.7%, lower than the 9.6% it predicted last month.
An 8.7% COLA would be the biggest increase since 1981. The adjustment would increase the average retiree benefit of $1,656 by $144.10, according to the league.
Author(s): Dinah Wisenberg Brin
Publication Date: 13 Sept 2022
Publication Site: Think Advisor