Ask Terry Questions Seniors COLA (cost of living adjustment for 2023

Seniors COLA (cost of living adjustment for 2023

By Terry Savage on June 09, 2022 | Wild Card

I keep seeing things about a $1400 cost of living adjustment for seniors in 2022. Some messages even ask for “signing up” or other information. It sounds like a scam but I’m sure I’m not the only one seeing these messages. Can you please address what this is, if anything? Thank you!

Terry Says

Don’t sign up for anything! That is a scam for sure! For 2022 the COLA increase was .9%. There will be a COLA for 2023. It will be determined by the overall level of inflation at the end of the third quarter, end of September. Right now the chief actuary for Social Security is saying it could be around 8% increase in benefits, but we won’t know for sure for at least three months.It will be announced publicly for all.

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