Social Security Report

Latest News

A near 11% raise is not out of the question

The non-profit Committee for a Responsible Federal Budget (CRFB) is estimating a 10.8% cost of living adjustment (COLA) for Social Security recipients for 2023. Adam Hardy summarized the group’s outlook in this piece. CRFB also explained what the Federal Reserve Board is doing to tamper inflation, and that could have an impact on any increase. Still, a 10.8% increase would mean about $154 more per month for someone receiving the average benefit. CRFB also explained the looming insolvency predicted for 2034-35 and noted that if COLAs are at least 8.8% in 2023 and 3% in 2024, that insolvency date would happen earlier, in 2033. Full article here.

Notice: The first link provided above connects readers to the full content of the posted article. The URL (internet address) for this link is valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the link’s validity. Also, the opinions expressed in these postings are the viewpoints of the original source and are not explicitly endorsed by AMAC, Inc.; the AMAC Foundation, Inc.; or socialsecurityreport.org.