Social Security benefit forecast for 2023

Social Security benefits may rise 8.7% in 2023, according to Senior Citizens League.

Fox Business said Friday a benefit hike of that size will be the highest annual increase ever for most beneficiaries alive today.

High inflation pushed the entitlement program's cost-of-living adjustment (COLA) to 11.2% in 1981.

Consumer price index figures indicate another sizable yearly increase is coming next year.

CPI, a measure of inflation, rose 8.3% in August after increasing 8.5% in July.

Social Security Administration is expected to announce in mid-October the 2023 COLA, which will take effect in January.

If the 8.7% COLA increase holds, the average Social Security recipient should expect $1,656 monthly, an increase of $144.10 a month.

Do you want more business news? Check out B Magazine, and the B Magazine email newsletter. Go to www.semissourian.com/newsletters to find out more.