Well, at long last, we have an answer. Today, the U.S. Bureau of Labor Statistics released September data from the Consumer Price Index. Meanwhile, Social Security COLAs are based on third-quarter data from a subset of that index — the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). And now that that data is available, we can say with certainty that seniors on Social Security will be in for a nice boost in the coming year.
How does an 8.7% COLA sound to you?
Social Security benefits will increase by 8.7% at the start of 2023. Now if you were hoping for a larger boost than that, you may find that COLA disappointing. But it’s still the largest COLA to arrive in decades.
It’s Official: Here’s Your Social Security Raise for 2023 (msn.com)