The slight decrease in inflation announced Wednesday, from 9.1% in June to 8.5% in July, is likely to bring down 2023’s Social Security cost-of-living adjustment (COLA) as well, to 9.6%.
Last month, the Social Security Administration was planning to give seniors a 10.5% boost. That would have brought the average Social Security recipient’s benefit up by $175 to $1,668 a month.
That’s now likely to be slightly smaller: a $159 bump to $1,656 a month, Barron’s reports, citing estimates by the Senior Citizens League.
Even if the COLA is just 9.6%, Social Security recipients are in line for the biggest raise in more than 40 years in 2023.... Read More: Newsmax