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2023 COLA Watch: Let’s Dampen the Enthusiasm a Bit

We’re still about two months away from learning what the January 2023 Social Security cost-of-living adjustment will be, but despite the unknowns, the airwaves are alight with wild predictions of a north-of-10% adjustment. As The Motley Fool’s Keith Speights suggests, however, it would be unwise to start building a spending plan for next year based on a speculative increase. Better to wait until you have a real, credible number in hand, and that won’t be until after the Bureau of Labor Statistics (BLS) releases the CPI-W figures for September, combines them with the figures for July and August, and averages them for comparison to the July-September figures from 2021. Check out Speights’ post here for more thoughts on the subject.

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