Social Security Cola 2023 Release Date: The annual cost of living adjustment (COLA) is announced by the Social Security Administration every year.
Due to the recent bout of inflation, which has been tough on American wallets, the Social Security cost-of-living hike for 2023 may be significant.
The September 2022 CPI data is expected to be released on October 13. The Social Security Cost of Living Adjustment could be revealed at that time.
The Social Security Administration announced the 2022 Social Security COLA on the same day September CPI data was made public. On the other hand, this year is not guaranteed to be like that.
Social Security Cola 2023 Release Date
In 2018, the 2022 Social Security COLA was revealed on the same day as the September CPI data. No promises can be made that this will be the case this year.
Various estimations are available. Some estimates put 2023’s Social Security COLA as high as 10%.
Something closer to 9% seems more likely. This year’s Social Security cost-of-living increase may be the largest since 1981.
The annual Social Security COLA is calculated using the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the prior year’s third quarter.
The 2023 cost-of-living adjustment is based on the CPI-W from the third quarter of 2022.
When calculating the cost of living adjustments, the numbers are rounded to the nearest one-tenth of one percent. In the past, August’s CPI has averaged 8.3%, whereas, in July, it was 9.1%.
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