Last Thursday, the Social Security Administration (SSA) officially announced next year’s Cost Of Living Adjustment (COLA). Social Security payments will rise by 8.7%, the fourth-highest increase in over 40 years. Why Is 2023’s COLA Higher Than Previous Years? Since 1975, inflation during the third quarter determined annual Social Security increases. From 2010 to 2020, the COLA increases hovered around 1-2%. However, post-pandemic economic recovery, global supply chain issues, and other external factors have made inflation the highest it has been in decades. Recipients will see an increase of $146 to roughly $1,827 by next year. High inflation has raised the […]
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