COLA increase 2022 Social Security payment — New $1,804 payment in just 5 months

AS inflation is causing major concern in the US due to rising prices, a massive benefit increase for retirees has been projected in 2023. Next year’s COLA is anticipated 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 the corrected number is used. The CPI increased… Read Full Article