Social Security is a government-run retirement benefit program that provides monthly income to qualified citizens.
The Current Average retirement benefit is around $1656 and 70.2 million Americans receive Social Security benefits (As Per SSA Website)
Inflation is at a 40-year high. The CPI inflation rate was 9.1% in June and 8.5% in July 2022.
As the cost of living rises, the Social Security Administration increases the Social Security Benefits every year.
An increase in Social Security benefits due to inflation is called “Cost of Living Adjustments or COLA”
Due to record high inflation, the Cost of Living Adjustments (COLA) will remain high in 2023. Based on inflation data, the COLA for 2023 could be around 9.3% to 10.1%
The 9% COLA benefit would raise social security by $159 per month. The Social security beneficiary may get an additional $1800-$2000 a year.
The actual social security benefit details will depend on the upcoming months inflation data.
The Social Security department will decide on the Social Security for 2023 in Mid October 2022.
You can check your eligibility and submit an application for social security benefits at www.ssa.gov.