Social Security cost-of-living adjustment could be 10.5% in 2023, according to a new estimate
To be sure, the estimate for next year's COLA is still tentative. The Social Security Administration calculates the annual adjustment by taking an average of the third-quarter data from the current year and comparing it to the third quarter from the previous year."Looking ahead, there are a number of reasons why we expect those high prices to ease over the coming months," White House Press Secretary Karine Jean-Pierre said in a press briefing this week.
If inflation cools in the coming months and is lower than the recent average, the COLA could be 9.8%, according to The Senior Citizens League. If instead it runs hot or higher than the recent average, the increase to benefits could be 11.4%. In 2022, Social Security beneficiaries received a record 5.9% boost to benefits, the highest increase in about 40 years. However, since then inflation has kicked up.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Poll Finds 83 Percent of Americans Want to Expand Social SecuritySocial Security, one of the nation’s oldest welfare programs, is set to start running out of money in about a decade — and Americans want Congress to take action, new polling finds.
Read more »
Top Social Security Official Accused of Being ‘Routinely Impaired’ on the JobA deputy commissioner at the Social Security Administration has allegedly continued to act erratically in the five months since other employees first lodged complaints about her, but the agency has shown no indication that it plans to remove her.
Read more »
Survey Shows US Voters Want Congress to Expand—Not Cut or Privatize—Social Security83% of likely voters support Democratic proposals to expand Social Security benefits while just 7% support GOP plans to end the program in five years, giving the majority party a golden opportunity to maintain control of the House and Senate.—DataProgress
Read more »
The Social Club: What would you consider a successful season for the 2022 Seahawks?The Seattle Seahawks aren’t expected to be Super Bowl contenders, make the playoffs, or even finish near .500. They’re projected for double digit losses for the second season in a row and...
Read more »
Gun applicants in NY will have to list social media accounts - New York Amsterdam NewsAs missed warning signs pile up in investigations of mass killings, New York state is rolling out a novel strategy to screen applicants for gun permits. People seeking to carry concealed handguns will be required to hand over lists of their social [...]
Read more »
Social Sightings: La Rola Is Moving Into a Brick-and-Mortar and More Food NewsPlus, there's a new crepe pop-up on Tennyson.
Read more »