Social Security COLA payment schedule 2022 – Millions may see benefit rise from $373 to $4,567 with 8.9% increase

MILLIONS of Americans could be in line for another huge cash boost next year. With inflation on the rise and no end in sight, The Senior Citizens League (SCL) is now revising its 2023 COLA estimate. The SCL is now projecting COLA could rise to about 8.9 percent, which would result in an average benefit of about $1,804. The maximum would jump by roughly $373 to $4,567. Each year, Social Security benefits are calculated based on a COLA. The consumer price index impacts the COLA, depending on where it winds up at the end of the year. In March, the… Read Full Article