COLA increase 2022 Social Security payment — Millions could see HUGE 2023 boost in automatic checks worth up to $4,555

MILLIONS of Americans could see a huge boost in their Social Security benefits next year due to high inflation. Social Security benefits are calculated based on a yearly cost-of-living adjustment, which depends on the consumer price index. The CPI has surged throughout the past few months, due to the Russia-Ukraine war and the supply chain falling short of demand. As a result, The Senior Citizens League is slightly tweaking its 2023 COLA projection to an 8.6 percent increase. In 2022, the average monthly Social Security benefit is $1,657, while the maximum is $4,194 a month thanks to the 5.9 percent… Read Full Article