Social Security Increase 2023 updates

By Tirupati Gumpula

August 22, 2022

Inflation dropped a bit to 8.5% from a record high of 9.1% which reached in June this year.

As the gas prices eased a bit. We could see little lower inflation. Howerer, COLA is still high...

...For Americans including elder people who recieve Social Security.

Social Security benefits are adjusted every year for inflation to enusre that...

 buying power of the seniors is remain same during the volatile econonomy.

The adjustments are calculated mainly based on the CPI-W data of the 3rd quarter...

of the present year comparing with the prviosu year. If thre is any increase...

...Scocial Security checks will be adjusted accordgingly.

This year COLA will be decided in OCtober and started to implement from the beginning of the next year.

Based on the data recieved up to July, it is 9.65% agaist 10.5% the non partision group predicted.

However, it is still the highest since 1981 when the COLA reached a record 11.2%

If the inflation contniuous to soar, we could see 10.1% COLA where as if Inflation becomes...

Little cold, we can expect 9.3% according to the group.

Based on July Inflation through July, we can see Social Security is short $1656 in benefits.

That is about $58 per month less amount and $378.8 year to date. Tha is way less that of how inflation impacted.

It is worth noting that COLA is absolutely necessaary. But, it may not be the perfect solution.

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