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2023 COLA

Great news for Social Security beneficiaries:

A new analysis from the nonpartisan Committee for a Responsible Federal Budget (CRFB) says that if inflation continues at its current pace (which was 8.6% in May), Social Security beneficiaries could receive a COLA hike of 10.8% starting in January. If there is no inflation for the next 5 months, the group predicts the COLA increase would be 7.3%.

“The actual COLA will likely be somewhere in between, and could be the third- or fourth-highest in history,” CRFB said in a media release Monday.

The Social Security Administration will not determine the actual 2023 COLA until inflation rates are tracked and averaged via the Consumer Price Index in July, August, and September, but the way things are trending an increase north of 8% seems more and more likely.

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