Social Security increase could be record 8.9% next year

Leada Gore (TNS)

Social Security recipients could see the biggest cost-of-living raise in four decades next year as inflation continues to rise.

The Senior Citizens League estimated next year’s Cost of Living Adjustment could be as high as 8.9%. The figure is based on March inflation data showing consumer prices rose 8.5% from the previous year, the fastest year-over-year jump since December 1981, Fox News reported.

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The annual Social Security change is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers.

If the 8.9% figure holds, it would be the biggest COLA since 1981 when recipients saw an 11.2% jump. Last year, recipients received an average increase of 5.9%. The adjustment meant an increase of about $92 per month for most retired workers, bringing the average benefit to $1,656 per month.

The Social Security Administration will release the final numbers in October with any increase starting in 2023.

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