SOCIAL SECURITY INCREASE FOR 2022 FREE

13 and September's rate isn't announced until Oct. We won't find out the CPI for August until Sept. If it cools down, though, the adjustment would be closer to 9.3%. If inflation bubbles back up, the league predicted, benefits could increase by as much as 10.1%. If inflation remains constant, the group projected, the COLA could be around 9.6%, or roughly $160 more a month per check. The league has shifted its forecast since then. How much will be in your Social Security check next year? Read on to find out.Įxactly how much of one, though, is hard to tell: In May, the Senior Citizens League estimated it would be 8.6%, based on inflation at that point.

The 2023 adjustment 'will be one of the highest COLAs ever paid in the history of the program,' Mary Johnson, a policy analyst at the nonprofit Senior Citizens League, told the Detroit Free Press.

We won't find out what the 2023 COLA is until October, but analysts are already predicting another major increase. The CPI dipped slightly in July, to 8.5%, but it still marked 17 consecutive months of inflation outpacing the Federal Reserve's 2% target rate. In January, payments rose by 5.9% - or about $93 a month - bringing the average monthly check to $1,657.īut, by June, the US Bureau of Labor Statistics had announced that the Consumer Price Index, the year-over-year change in prices consumers pay for goods and services, was already up to 9.1% - far ahead of the adjustment Social Security accounted for. As Americans continued to grapple with inflation this year, the cost of living adjustment, or COLA, for Social Security benefits was the biggest in nearly 40 years.

SOCIAL SECURITY INCREASE FOR 2022 FREE

Social security increase for 2022