Social Security recipients could see not only an increase next year, but also one that is at the highest level in four decades.
Much of this is due to rising inflation.
The exact cost-of-living adjustment (COLA) increase in 2023 will not be revealed until the fall, but according to the nonpartisan Senior Citizens League, the organization estimated that the COLA in 2023 will be 10.5%.
A 10.5% Social Security increase would up the average retiree benefit by $175.10 a month.
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Should the COLA go up by 10.5%, it would be the first time it has reached double digits since 1982, when the COLA hit 11.2%.
In 2022, Social Security recipients received a 5.9% COLA boost, which was a substantial increase from the previous two years.
According to the Social Security Administration (SSA), the average monthly benefit as of June 2022 is $1,542.22.
Related stories to Social Security increases:
How much money will I get from Social Security in 2022?
Social Security increases 2022: Here’s who is getting money
Social security benefits: Is extra $200 monthly payment coming?
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