The increase in Social Security checks for next year based on the Cost of Living Adjustment (COLA) will be the largest since the one applied in 1981.
That year, recipients of the federal program benefited from an increase of 11.2% per COLA.
The one for 2023 has not yet been established, but the process must be completed before it ends.
Usually, the Social Security Administration (SSA) makes the official announcement in October.
This is so because before making the calculation, the entity needs to have the inflation statistics for July, August and September.
The measure is directly linked to the increase in the percentage of the Index Prices for Salaried Workers in Urban Areas and Administrative Workers (CPI-W) for the third quarter of this year versus that of 2021.
At the moment, the authorities they have data from last year, but they require the numbers up to September to calculate inflation levels.
Estimates, at the moment, point to the COLA increase for 2023 would be 8.9% if the CPI-W remains in August and September at the levels of July, indicates a Market Watch report.
On the other hand, if the CPI-W increases 0.6% in August and another 0.6% in September, the adjustment next year would be 9.5% or even more.
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