2023 Social Security COLA – know the facts

The Senior Citizen League is predicting the 2023 Social Security COLA could be 7.6%, but keep in mind that is based on the year over year inflation rate and assumes inflation stays high.

The actual 2023 COLA will be based on the increase in the average CPI-W for July, August and September 2022 over the same months in 2021.

The average for 2021 for those three months was 268.412. February 2022 was 278.943.

3 comments

  1. The Medicare premium will go up at the same time as the next raise. It is pretty much a given that healthcare costs will rise so an increase is to be expected except in the “hold harmless” cases where the Medicare would be greater than the SS increase.

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  2. and as they raise the COLA so will the Medicare premium also be raised? I heard the Senior League was also proposing to Congress another 1400 stimulus for seniors since the amount they calculated this years on was below the actual COL before we even received our 2022 increase. OF course that was put on the back burner!! Thanks for the info

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