In order to adjust for inflation, the total value of monthly Social Security check payments could be more than $1,800 in 2023.
Cost-of-living adjustments were signed into law in 1975, accounting for rising living costs due to inflation, as calculated by the consumer price index, according to the Social Security website. This year has already seen a record rise, with monthly checks seeing a 5.9% rise in January of $93, totaling $1,657, according to CNET. The next COLA will be announced next month, but it very well could send checks over $1,800.
The CPI data for July put the latest increase at 8.5%, already outpacing this year's COLA and well above the Federal Reserve's target of 2%. July marks the 17th consecutive month that the CPI has exceeded the Fed's 2% target.As COLAs are measured by the CPI, it is all but guaranteed that the next COLA will result in monthly checks that exceed $1,800. The Senior Citizens League estimated that the next COLA will see an increase of 8% to 10.
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