The Social Security program has been fairly static for the last decade or so, with few major changes.

Social Security also makes headlines when inflation is high. The reason is that so many aspects of 

The program are affected by changes in the cost of living. In 2022, Social Security retirement 

Payments were increased by 5.9% to account for rising inflation for the first time.

As we approach the half-way point of 2022, the changes that could affect Social Security in 2023 

Are becoming more apparent. In 2023, both current workers 

and retiree beneficiaries should start preparing for these major changes.

Big Cost-of-Living Adjustment

In 2022, Social Security's cost-of-living adjustment increased 5.9%, the largest increase since 1982, 

40 years ago. It seems all but inevitable that the COLA for 2023 will be even greater

Due to the acceleration of inflation in 2022. On the basis of 

Current inflationary trends, some analysts predict that the bump could reach 8.6%.

The Social Security Administration uses the Consumer Price Index for Urban Wage Earners

And Clerical Workers, or CPI-W, instead of the Consumer Price Index, 

Which is often referred to as "the inflation rate." COLAs are determined 

By the CPI-W reading at the end of the third quarter, so keep an eye on that number.

Swipe Up to Read More Stories

Swipe Up