Good News! Social Security Recipients Should See a Sizeable Benefits Boost in 2023
Social Security recipients could see an inflation-boosted benefits check next year. Early indications are that the 2023 cost-of-living-adjustment (COLA) could put about $150 more per month into the pockets of retirees. According to a USA Today article, that could mean a big budget boost for seniors living on a fixed income who are now struggling to make ends meet.
The official COLA will be announced next month – on October 13th – but experts are predicting one of the largest COLA increases in the history of the program. It’s expected to be about 8.9% if inflation continues as it’s been. The 2022 COLA was only 5.9%.
The Seniors Trust believes what seniors really need is a fairer COLA calculator. We support the Social Security Expansion Act which would use the Consumer Price Index for the Elderly (CPI-E) to calculate Social Security COLAs instead of the Consumer Price Index for Urban Wage Earners (CPI-W) used currently. The CPI-E takes the unique spending habits of seniors into account — particularly regarding the cost of healthcare — and offers a more realistic COLA for retirees. You can help make this happen by signing our petition to Congress.
