Social Security is set to announce biggest benefit hike since 1981. Here's when you'll get it.
CBSN
Every fall, the Social Security Administration makes an announcement that has a major impact on the 66 million people who receive benefit checks. The annual inflation adjustment is aimed at keeping seniors from losing purchasing power.
The agency this year is expected to announce its 2023 cost-of-living adjustment, or COLA, on Thursday, October 13. The Social Security Administration bases its COLA on the inflation rate during the third quarter, or July through September — with the government also releasing its September inflation report on October 13.
Based on inflation data so far, seniors could get a COLA of 8.7%, according to the Senior Citizens League, an advocacy group for older Americans. That would translate into an average monthly increase of $144.10, boosting the typical benefit from $1,658 to about $1,802 per month.
