Social Security Checks Could Increase $180 a Month Next Year. Here's What the Experts Say

Social Security benefits increased this year for the first time in nearly four decades.

In January, COLA payments increased by 5.9%, which amounts to about $93 a month for the average recipient.

Inflation is likely to increase Social Security benefits for nearly 70 million Americans next year even further.

According to the Committee for a Responsible Federal Budget, a nonpartisan think tank,

An average senior could receive an additional $130 to $180 a month in Social Security. 

During the 2022 bump, the average benefit for retired workers increased to $1,657 per month. 

However, the consumer price index was already up 9.1% in June, much faster than Social Security's 5.9% adjustment.

The COLA for 2023 would be 7.9%, or about $130 a month if inflation remained stagnant. 

According to the CRFB, if inflation continues to rise at its current rate, the next COLA will be 10.8%.

In other words, the average Social Security beneficiary will receive an additional $178 a month and a check for $1,838 a year. 

How much will Social Security benefits go up next year?

In October, the Social Security Administration will announce the next year's cost of living adjustment, 

But many experts expect an even larger increase than in 2022. 

Inflation's impact on the cost of living could mean Social Security could increase a significant amount of 10.8% -- nearly $180 -- this year.

According to the Senior Citizens League, an advocacy group focused on benefits, 

The adjustment for 2023 will be 8.6%. However, if inflation continues to rise in the 

Next three months, the adjustment could be 11.4%, or almost $190 more per month.

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