Social Security Administration announces 8.7 percent COLA hike, largest in 40 years
Starting in 2023, retirees on Social Security may see an average increase of $144 in each monthly check.
by Gianna Melillo | Oct. 13, 2022
The cost-of-living adjustment increase of 8.7 percent is the highest in four decades.
The boost will help beneficiaries meet the rising costs of goods and services driven by inflation.
However, higher incomes could push some over taxable income thresholds.
Social Security beneficiaries can expect to see an 8.7 percent increase in their monthly checks beginning in 2023.
The figure is the highest cost-of-living adjustment (COLA) issued by the Social Security Administration in 40 years.
The boost will help recipients, many of whom are retirees, meet higher costs on goods and services driven by rising inflation.
Each year, COLAs are automatically applied based on the Consumer Price Index for Urban Wage Earners and Clerical Workers.
The COLA is equal to the percent increase the Senior Citizens League, a bipartisan advocacy group, estimated in September.
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https://thehill.com/changing-america/sustainability/infrastructure/3686150-social-security-administration-announces-8-7-percent-cola-hike-largest-in-40-years/
