Social Security official: Benefits likely to rise 8% due to high inflation
CBSN
An official with the Social Security Administration said seniors and others who rely on the benefits program are likely to receive a cost-of-living adjustment "closer to 8%" at the end of 2022 due to the current rate of inflation, which is the highest in four decades.
That increase would represent the biggest-cost-of-living adjustment, or COLA, since 1981. The average monthly Social Security check is about $1,658, which means beneficiaries could see an increase of $132.64 per month in early 2023, bringing the average check to about $1,790.
The agency's COLA takes effect in December, with the updated benefits paid out beginning in January 2023.
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