A Peek and a Guess at 2023 Social Security Benefits - AMAC & CNET
Next year’s Social Security benefits will be much higher than those paid in 2022. But by how much? Dan Avery explores that question in this piece from CNET.com. The May year over year consumer price index has inflation at 8.6%. Whether it will moderate some in the second half of 2022 is unknown. The next cost of living adjustment (COLA) will be announced in mid October, but only data from the third quarter year over year is used. So the current July 1 – Sep 30 period is critical to the calculation. The next benefit increase, whatever it may be, will hit in January 2023. A range of estimates from 6% to over 10% are predicted, but it is really too early to know. Full piece here.