COLA increase 2022 Social Security payment — HUGE inflation help boost set for 2023 – check how much more you’ll get

AS inflation is on the rise, social security recipients should expect an impressive boost in their benefits next year. The 2023 COLA (cost-of-living adjustment) is projected to be higher than the 5.9 percent increase in 2022, as a result of the spiraling Consumer Price Index (CPI). The current estimated COLA for next year is 8.9 percent, according to the Senior Citizens League. The average monthly benefit from the COLA is currently $1,657 but it would climb to $1,804 in 2023 if the projected increase occurs. The CPI increased to as high as 8.5 percent for the 12-month period ending March… Read Full Article