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.