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.

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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%.

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This anticipated inflation rate, according to Mary Johnson, the Senior Citizens League's Social Security and Medicare analyst,

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is almost a full percentage point lower than her projection of 9.6% from last month.

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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

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gasoline expires in September, which also happens to be the third quarter used to determine the COLA for the next year.

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According to a Senior Citizens League survey, 57.62% of Social Security beneficiaries lack access to liquid assets for retirement income and savings.

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On October 13, the Bureau of Labor Statistics is anticipated to publish the final figures and anticipated inflation rate for 2023.

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