These COLAs lead to increased monthly checks the following January to help keep retired purchasing power moving.
2022's COLA up 5.9% in profit this year, and early estimates make it likely
That the COLA that takes effect in early 2023 will be between 8% and 9%.
That's because the impact of another major program for older Americans, Medicare,
This time last year there is a possibility of reversing the traumatic trauma suffered by the participants.
How Medicare took away a big chunk of the 2022 Social Security COLA
For the typical Social Security retiree, the upward adjustment raised the average benefit from about $90 to $1,614 per month.
Medicare Part B premiums jumped 12.7% in 2022 from $148.50 in 2021 to $170.10 this year.
However, even those who were eligible for those benefits did not see that much increase in their actual checks.