Cost-of-Living increases for social security set to increase significantly in 2023

Posted on 10/03/22 | News Source: WMAR2NEWS

We don't need to tell you that inflation is continuing; you feel it every time you go shopping.

Unfortunately, some economists predict inflation won't be where it usually is until 2024.

But that doesn't mean help isn't on the way for some Americans.


It may sound dry, but if you are an older American on social security, you are well aware of cost-of-living adjustments.

Cost-of-living adjustments are the increase in pay Americans on social security get each year.

Cost-of-living adjustments are based on the consumer price index, which measures inflation and has been at 40-year highs for most of the year.

Right now, the expectation is the adjustment in 2023 will be 8.7%.

How much is that? If you get a $1,000 check every month, that's $87 more.