Record-high inflation is expected to bring a large increase in Social Security benefits in 2023.
Based on the most recent Consumer Price Index report from the U.S. Bureau of Labor Statistics - that showed inflation in June surging 9.1% from the previous year – the Cost-of-Living Adjustment for 2023 will be about 9.6%, according to the latest estimates from the Senior Citizens League. That level of increase would be the highest since 1981 when it was 11.2%.
That increase would include those who receive Social Security Disability Insurance, as well as people who receive standard Social Security benefits.
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