Update on Social Security: Largest cost-of-living increase anticipated in 40 years.
The largest adjustment in forty years is coming to Social Security benefit recipients' checks due to inflation.
Tuesday saw the release of the Social Security Administration's August statistics, which revealed that the anticipated cost-of-living increase, or COLA, for 2023 is 8.7%.
This anticipated inflation rate, according to Mary Johnson, the Senior Citizens League's Social Security and Medicare analyst,
is almost a full percentage point lower than her projection of 9.6% from last month.
She stated in the statement that it is important for the public to keep in mind that the administration's suspension of the 18.3 cent federal tax on
gasoline expires in September, which also happens to be the third quarter used to determine the COLA for the next year.
According to a Senior Citizens League survey, 57.62% of Social Security beneficiaries lack access to liquid assets for retirement income and savings.
On October 13, the Bureau of Labor Statistics is anticipated to publish the final figures and anticipated inflation rate for 2023.