Social Security recipients could see record COLA increase next year

Senior Citizens League said last week that Social Security recipients could see the biggest cost-of-living raise in more than 40 years in 2023, thanks to inflation.

SCL is estimating next year's cost of living adjustment (COLA) could be as high as 8.9%.

The figure is based on recent inflation data showing consumer prices rose 8.5% from the previous year.

If the League's prediction is proven correct, it will represent the biggest COLA rise since an 11.2% jump in 1981.

Last year, recipients saw an average 5.9% increase.

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