Social Security Recipients Could See , Biggest Cost-of-Living Increase Since 1981.
On May 11, taking April inflation data into account, .
the Senior Citizens League estimated that social security recipients could receive a cost-of-living increase of up to 8.6% in 2023.
Each year, the Social Security change is based on the Consumer Price Index for Urban Wage Earner and Clerical Workers (CPI-W).
Fox News reports that over the past year,
the CPI-W rose 9.4%.
If Social Security checks do see an 8.6% increase in 2023, it would be the largest annual adjustment in 40 years.
The final adjustment percentage will be announced by the Social Security Administration in October.
It may still be subject to change
depending on inflation.
According to the Senior Citizens League,
Social Security benefits have risen 64% since 2000 because of the cost of living.
but standard senior
expenses have grown by
130% through March 2022.
Fox News reports that monthly benefits would need to be increased by $539.80 to have the same purchasing power as 22 years ago