Social Security COLA Announced for 2023
Historic COLA Increase Provides Relief for Seniors
Latest COLA Announced at 8.7%
The Social Security Administration (SSA) has announced the largest cost-of-living adjustment (COLA) in over four decades, providing a significant increase to Social Security benefits for approximately 70 million Americans in 2023.
This year's COLA is set at 8.7%, meaning that Social Security beneficiaries will receive an average increase of $140 per month. The increase will help offset the rising costs of goods and services, ensuring that seniors can maintain their purchasing power.
The SSA uses the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) to calculate the annual COLA. The CPI-W measures the change in prices for a basket of goods and services commonly purchased by urban wage earners and clerical workers.
The increase in the COLA is a welcome relief for seniors who have been facing financial challenges due to inflation. The SSA expects that the COLA will help protect seniors from the rising costs of living and maintain their financial security.
Comments