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Social Security COLA looks likely to rise about 10% for 2023

Sven
edited July 2022 in Off-Topic
Annual U.S. inflation (measured by CPI-U) is running at 9.1% as of June, but the Social Security Administration doesn’t use CPI-U. Instead, it uses the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). For that index, the June annual increase was actually higher, at 9.8%.

The Senior Citizens League, a credible advocacy group, is projecting that the 2023 COLA could be 10.5%, and I think that is possible, but also might be just a tad too high. Why the uncertainty? The SSA’s complex formula makes predictions extremely iffy and airtight accuracy is impossible. Let’s take a look at how the COLA comes together …

https://tipswatch.com/2022/07/15/social-security-cola-looks-likely-to-rise-about-10-for-2023/

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