Update for 2023 Social Security COLA looking like 6% at this point

The CPI-W for April 2022 was 284.575. If that level remains through September 2022, the 2023 COLA will be 6.0%

Keep in mind the CPI-Ws that actually matter for 2023 is the average of July, August, September 2022

The actual COLA could be higher or lower (if the inflation rate falls over the next few months)

7 comments

  1. Dick, Shouldn’t the 2022 COLA be higher than 2021 since the 2022 inflation is significantly higher than 2021???

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    1. The COLA is based on the change in the average CPI-W for July, August, September year over year. If the CPI-W increases over the next months it will be higher, but if inflation stabilizes ,it could be less than 6%

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  2. Inasmuch as the last time we got a significant COLA raise, the Medicare went up… I won’t be holding my breath on this one.

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      1. True, but that was a result of anomalies because physicians were supposed to see a 23% reduction in fee payments which didn’t happen plus the hold harmless clause came into effect.

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