Inflation forecast for a record Social Security COLA in 2023

The US government published data on inflation. Because they were higher than anticipated, these data weren't excellent.

This information is worse for Social Security recipients because they depend on a fixed income.

The biggest Social Security COLA adjustment in forty years will take place the next year if this inflation does not slow down and persists.

It's important to note, though, that not everyone will receive enough from this Social Security COLA.

Because of this, a lot of people think that the method used to determine the rise in retirement pensions has to be changed.

As of May, the rate of inflation had risen by 8.6 percent recently. It is crucial to alter how COLA increases are determined because of this.

Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W, rose to 9.3 percent in recent months.

By 2023, the Social Security COLA might grow by 8.6 percent. Based on inflation data collected so far this year, the Senior Citizens League has formed this projection.

The identical group predicted the same thing one month prior, likewise using the supplied data. The COLA will need to rise if inflation doesn't decline.