Social Security's cost-of-living bump could reach almost 11%: Report
CBSN
Millions of seniors and others who receive Social Security benefits are on track for a big cost-of-living adjustment, or COLA, in early 2023 to catch up to the nation's highest inflation in four decades. One group is now estimating that the boost could be as high as 10.8%.
By comparison, a Social Security official earlier this month said he expects a COLA bump of about 8%, based on the current inflationary trends.
But if inflation continues at its current pace — the cost of goods and services in May accelerated to 8.6% — seniors could receive a COLA hike of 10.8% in early 2023, according to the new analysis from the non-partisan Committee for a Responsible Federal Budget. However, if inflation grinds to a halt over the final months of 2022, seniors would receive a COLA increase of 7.3%, the group said.
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