The Senior Citizens League estimated Social Security recipients could receive an 8.7% cost-of-living adjustment as inflation erodes retired Americans' buying power.
Thru the Cycle President John Lonski analyzes current CPI market figures and shares his thoughts on where the U.S. economy is headed
The Senior Citizens League, a nonpartisan group focusing on issues relating to older Americans, estimated the adjustment could be 8.7%, based on, which showed that consumer prices soared 8.5% from the previous year, near a multi-decade high. Should Social Security beneficiaries see an 8.7% increase in their monthly checks next year, it would mark the steepest annual adjustment since 1981, when recipients saw an 11.2% bump. The COLA prediction for 2023 from the Senior Citizens League is slightly lower than its previous 9.6% estimate.
An increase of that magnitude would raise the average retiree benefit of $1,656 by about $144 per month or roughly $1,729 annually, the group said.
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