As the U.S. annualized inflation rate hit a 41-year record of 9.1%, Social Security recipients may see cost-of-living adjustments to their checks next year like never before.
Social Security recipients may see cost-of-living adjustments to their checks next year like never before—potentially a double-digit hike if inflation continues at its current pace, experts say.
The COLA for 2023 could be 10.5%, said Mary Johnson, a Social Security policy analyst at the Senior Citizens League who tracks CPI and COLA data. If inflation continues to jump higher, the COLA may be as much as 11.4%, and if it runs cooler than the recent average, it could be 9.8%, she said.Recipients are used to relatively minimal COLAs for Social Security. The average has hovered under 2% for many years, though it did spike to 5.9% in 2021.
Any increase would be welcome given the concerns around rising inflation, but Americans should continue to watch their finances when spending on everyday expenses, even with this hike. The cost of groceries have jumped 12% in the last year, according to the consumer-price index—the price of eggs has increased 32.2%, chicken 17.4% and milk 15.9%.
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