COLA Social Security payment schedule 2022 — HUGE cost of living adjustment expected next year — how much will you get?

THOUGH inflation is causing major concern in the US due to rising prices across the country, it could mean a massive benefit for retirees from a bigger cost-of-living adjustment (COLA) in 2023. Next year’s COLA is projected to be higher than the 5.9 percent for 2022 as a consequence of the spiraling Consumer Price Index (CPI). According to the Senior Citizens League, the current projected COLA for 2023 is 8.9 percent, which is a whopping three percent more than in 2022. The average monthly benefit from the COLA is currently $1,657, but this will climb to $1,804 in 2023 if… Read Full Article