Social Security's 2023 Raise Could Shock You

Benefits could increase for the first time in four decades.

Benefits for Social Security retirees will increase in 2023. In most years,

Benefits go up, so a Cost of Living Adjustment shouldn't surprise anyone.

It may surprise you how much the annual raise is next year, 

Especially compared to how much current retirees have received over the years. 

Social Security's 2023 raise could be huge

Social Security's 2023 raise won't be announced until October 2022.

According to early reports, seniors will receive the largest raise since 1981. 

According to a new analysis by the Committee for a Responsible Federal Budget, benefits could increase by 10.8%. 

If inflation continues to rise, benefits could increase by 10.8%. The 2022 benefits increase was 5.9%,

While the 2021 benefits increase was just 1.3%. There hasn't been 

A similar increase since 1981, when retirees received an 11.2% raise.

The 2023 COLA may not be quite as large, as inflation may slow down. 

However, even if prices stopped rising entirely in 2022, seniors would still receive a raise of around 7.3%.

This estimate puts Social Security benefits well over what most current retirees have seen so far. 

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