If you or someone you care about is on Social Security, here is some positive news that will affect how much money you receive from the program. Because of the high inflation reading for August of around 8.3%, beneficiaries could receive as much as $159 extra per month in 2023. This estimate comes from a new estimate from the Senior Citizens League, a nonprofit advocacy group. So, if this estimate is correct, that amount comes to $1,908 in additional money that you will receive next year. It is important to note this amount is an estimate until the official confirmation from the Social Security Administration. Here's how that process works.
How Social Security Adjustments Work
Each year the Social Security Administration does a cost-of-living adjustment called COLA. The purpose of the COLA is to ensure that the purchasing power of Social Security and Supplemental Security Income (SSI) benefits are not diminished by inflation. With inflation at record highs this year, it is now looking like the COLA will be at least more than the amount of 5.9% which was COLA for 2022. (source)
"This will be one of the highest COLAs ever paid in the history of the program," predicted Mary Johnson, a Social Security policy analyst for The Senior Citizens League, a nonprofit group. (source)
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