Beneficiaries could be in line for a huge COLA boost Experts are predicting a cost-of-living adjustment (COLA) of anywhere from 9.3 percent to 10.1 percent. The US Bureau of Labor Statistics on Wednesday said inflation rose by 8.5 percent in the year to July – down from 9.1 in June.
As prices increase, Social Security claimants are given a benefits boost to help them keaep up, meaning it’s not necessarily good news. The COLA depends on the consumer price index for urban wage earners and clerical workers (CPI-W) in the third quarter.
The latest data for the month of July means the 2023 COLA could be 9.6 percent, the Senior Citizens League (TSCL) has estimated.
Since inflation has such a strong impact on this number, it could go up or down. If the rate rises, the COLA could be 10.1 percent, but if it continues to lower the adjustment could be 9.3 percent.
If the increase is 9.3 percent, SSI beneficiaries receiving the maximum $841 payment would stand to gain an additional $78 per month.