The Social Security Administration today will announce the cost-of-living adjustment, or COLA, for benefits next year. To help the more than 66 million Americans on Social Security combat ongoing inflation, it’s expected to be the largest increase in decades.
White House Press Secretary Karine Jean-Pierre cited analysts who are predicting a bump of $140 to the average senior’s check.
A $140 increase works out to about an 8.5% COLA from the average $1,657 monthly benefit in 2022 — and is in spitting distance of the 8.7% predicted by the nonprofit Senior Citizens League in September.
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