Social Security 11% Cost of Living Increase Possible in 2023
The COVID-19 pandemic, supply chain issues, the greed of American oil companies and the war in Ukraine is ravishing the world’s economy and causing prices to rise.
As we go to the grocery store or fill up our gas tank we all feel the costs of inflation in our pocket book!
The Social Security system has cost of living adjustments, known as COLA’s. According to an article by Aimee Picchi in Money Watch dated June 27, 2022, it is anticipated that a COLA hike of 10.8% should go into effect in 2023. The final COLA number can change based on the rate of inflation.
The average monthly Social Security check is $1,658 and an increase of 10.8% would increase the check to $1837. This COLA also applies to Social Security disability benefits.
Why COLA aka Cost of Living Is Important Now
We all hope that prices come down soon and the oil companies and other American companies will recognize that their record profits are coming out of the pockets of ordinary Americans. Congress has passed an anti-gouging law to control the situation but, unfortunately, Republicans shot it down. Call your Congressional representative and tell them to put you first and not record profits during these challenging times.
American companies should put Americans first!