When Wl 2023 social security Benefits ncrease?
socialSecurity payouts are adjusted annuaily for inflation.
is based on the Consumer Price Index, which measures year lover-vear price changes
Inflation boosted Social Security payouts by 5.9% in 2021; 2023 should be greater.
Inflation has dropped, but economists still forecast a
Social Security hike of 8.7% or more the largest since 1981, when it was 11.2%.
The COLA is based on the US Bureau of Labor StatisticsS Consumer Price Index for July, August, and September.
On Sept. 13, the government reported August inflation at 8.3%, down from 8.9% in July. October 13 will provide September's CPI.
After evaluating September's figures, the SSA will announce the COLA increase.