With inflation still running hot, Social Security recipients could get $1,900 boost next year
CBSN
Older American and others on Social Security could get a significant bump in their annual cost-of-living adjustment next year, with experts forecasting that the typical recipient could receive an additional $1,900 in 2023 to keep up with inflation.
Many seniors have struggled this year as their 2022 bump, 5.9%, lagged the hottest inflation in 40 years. Consumer prices cooled in July as gasoline prices dropped, but inflation remains scorching hot — up 8.5% from a year ago.
The Social Security Administration bases its annual COLA adjustment on inflation data from July, August and September, with the agency announcing its official hike in mid-October. With data now available for one of those three months, seniors could see an average monthly increase of 9.6%, according to the Senior Citizens League. If inflation continues to ease, seniors could finally get a break in 2023 and close the benefits gap that many are now experiencing.
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