Millions of Americans expect to receive $1,800 in increased monthly payments next year.
The Senior Citizens League (TSCL) has now changed its 2023 COLA projection assessment of That COLA will increase to about 8.6 percent next year.
The increase would mean that the average profit would increase by about $143 per month to $1,800, and the maximum amount would increase by about $361 to $4,555.
Where the Consumer Price Index (CPI) ends at the end of the year, determines Next year’s COLA amount,
This year, the average Social Security benefit is $1,657, and maximum The amount is $4,194 per month.
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COLA. choice of
Some have questioned the methodology used to determine cost of life adjustments, TheBalance.com,
The SSA bases its COLA increase on the CPI-W.
The spending habits of urban salaried and clerical workers are used to construct this index.
The index is made up of people who are employed and make money. They are not retired people.