Social Security payments are changed every year to try to keep up with inflation. This COLA, is reflected in January's check and is based on how the economy was the last year
As inflation rose in 2021, the COLA went up by 5.9%, which was the highest increase in years. This means that the average retiree's monthly check went up to $1,666.
Since the economy is still having trouble, the adjustment for 2023 is likely to be even higher. Some analysts think that the prices will go up anywhere from 8.7% to almost 10%.
On Oct. 13, the CPI for September will be given.
The Social Security Administration won't say how much the COLA will go up until it looks at the numbers for September.
Last year, on the same day, the agency announced both September's CPI and the COLA increase for 2022.
If that holds true this year, we should know by Oct. 13 how much our Social Security benefits will go up next year.
Now that the August CPI is out, the non-profit Senior Citizens League has predicted that the COLA will go up by 8.7%.
The annual increase starts with December benefits, which are paid out in January 2023-dated checks.
If your birthday is between the 11th and 20th, you get paid on the third Wednesday. Your first COLA increase will come on January 18, 2023.