Update on 2023 Social Security COLA

We now have two thirds of the monthly CPI-W numbers used to determine the next COLA – July and August. The final COLA will be determined in October after the September CPI- W number is known.

As of now the estimated 2023 COLA is


Unless inflation picks up in September, the COLA will be no higher than the above percentage.


  1. October we will know how much our gross SS will increase next year. In November we should know our net SS amount once Medicare announce 2023 premiums. We will then have about 6 weeks to finalize our 2023 finance plan.


      1. I just stick to my save at least 25% (32% so far this year) of my income every month plan. So far I have Purchased !3,000 in I – Bonds this year. I have been using zero interest credit cards for the last 4 years and have never paid any interest. I will be using a zero interest credit card to purchase $5,550 in I – Bonds in Oct. 3% fee = $166.50 / $381.10, 15 month payback. Interest earned over the 15 months $400+. My COLA will pay most of the $381.10.


      2. Not from scratch. Just note general up/down direction of our major categories, especially taxes, along with any special large non-annual expenses. Need to know amount of room to determine 2023 Roth conversion amount for the next year. Only have a couple more years before claiming SS at 70. Don’t you plan your vacations ahead of time?


      3. Not really. Every month money is placed into a savings account labeled “travel.” That balance is our vacation/travel budget. We go when we want to or wait until the balance build back up. We just depleted a big chunk renting a house for a few weeks in Florida this coming winter. By the time we leave for Florida it will have been replenished.


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