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Rising inflation and its impact are forecasting a positive outlook for COLA increases.

Given the surge in inflation in recent months, the CPI-W has been rising steadily. This is a promising sign for Social Security beneficiaries, as it suggests that next year’s COLA could be more substantial than in recent years. In 2021, the COLA increase was 1.3%, and in 2022, it was 5.9%, which was the highest increase in decades.

The exact COLA adjustment for 2023 will be officially announced by the SSA in October, based on the third-quarter CPI-W figures.

Early projections and expert analyses indicate that the COLA could be around 6.5% to 6.7% for the upcoming year, however the recent spike in inflation and energy costs over the last 45 days could increase that amount.

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This would be welcome news for those receiving Social Security benefits, as it would provide a more significant boost to their monthly income, helping them keep pace with rising costs.

The much-needed larger monthly benefit checks will allow beneficiaries to maintain their standard of living in the face of increasing prices for goods and services, including healthcare, housing, groceries, and gas.

The potential for a higher Social Security COLA in the upcoming year due to rising inflation is welcome news for retirees and disabled individuals across the United States.

The government needs recognize the impact of inflation on the cost of living and the need to provide adequate adjustments to protect the financial well-being of Social Security beneficiaries.

While the official announcement is yet to come in October, early projections suggest that the COLA could be around 6.5% to 6.7%, but the last 45 days of inflation could very much have an impacted of increasing that number.

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