2023 Social Security COLA

Based on the February 2022 CPI-W compared with the base number used for the 2023 calculation, the 2023 COLA WOULD BE 3.92%

Needless to say that percentage could and will like change especially if inflation stays at high levels.

8 comments

  1. Dick, your estimate seems low. Inflation is greater than early, middle, or late 2021, yet your 3.92% is only 66% of the 2022 5.9% COLA.

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    1. I just followed the formula comparing the CPI-W average for Jul, Aug, Sep 2021 with Feb 2022. It will change over the year when we compare 2022 three month average.

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  2. To me, it’s kind of irrelevant. Last year the COLA went up, but my Medicare went up even more. So, I lost money.

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    1. Actually that’s not possible. You certainly did not get to keep all the COLA because of the large increase in Part B premiums, but the law prevents anyone from losing money. You SS benefit cannot go down because of a Part B increase.

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      1. You’re correct in to the point that the payment was not less. My point was that getting a COLA increase while also getting a large increase to the Part B premiums in essence significantly diminishes the value of the COLA increase. l’m going in the negative direction even when there’s a decent COLA increase.

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    2. Healthcare cost has a higher inflation rate than other parts of my budget. So not a surprise to me that we are paying more for healthcare than the previous year. Besides, part of SS COLA is paying for part of the inflation increase to our budget.

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  3. I hope your surgery goes well and you have a speedy recovery.

    I enjoy reading your thoughts on retirement matters. On politics, not do much.

    Do you think someone could start in the mailroom of a large company, go to night school and work their way up to VP today?

    Ray van der Horst 513.535.7841

    >

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