A Social Security cost-of-living adjustment (COLA) of 8.7% might be in store for 2023, based on government inflation data released Tuesday, CNBC reported.
The estimate comes from The Senior Citizens League, a nonpartisan senior group, that says the increase would boost the $1,656 average monthly retirement benefit by $144.10.
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That would be the highest COLA ever received by most of Social Security's current beneficiaries, according to The Senior Citizens League.
The Social Security Administration will announce the final figure Oct. 13, after the release of September inflation data, The New York Times reported.
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The actual amount will depend on inflation figures for September as well as how much Medicare Part B premiums increase, CNBC reported. Those premiums are often deducted from Social Security checks.
"Seniors are so accustomed to the Part B premium consuming so much of the COLA — I think they're in for a pleasant surprise this year," said Mary Johnson, a policy analyst for The Senior Citizens League.
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