Connect with us

Hi, what are you looking for?


Social Security Benefits’ Biggest COLA in 2023

As inflation begins to drop, Social Security beneficiaries will likely receive a reduced cost-of-living adjustment (COLA) in 2024.

Social Security Benefits face the biggest COLA IN 2023 (Source: Getty Images)

Cooling Inflation in America

The dropping inflation rate in the United States is great news for American consumers, but it may result in a considerably less cost-of-living adjustment (COLA) for Social Security beneficiaries next year – perhaps as low as 2% or less, according to Yahoo Finance.

Many retired workers were hit hard by inflation last year, as Social Security benefits lost their purchasing power. The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased by 8.5% in 2022, considerably exceeding the 5.9% COLA paid to Social Security, according to The Motley Fool.

READ ALSO: Adidas Joins Student Loan Assistance Program Offering $100 Per Month

Biggest COLA in 2023 by far

In 2021 and 2022, Social Security benefits did not keep pace with inflation. However, Social Security beneficiaries have finally gotten a break. Benefits climbed 8.7% in 2023, the biggest COLA since 1982 and the fourth-largest COLA in history, while inflation has cooled this year.

As inflation begins to fall, Social Security payments begin to restore some of the purchasing power that they have lost due to inflation. However, cooling inflation would also cause a smaller COLA in 2024.

READ ALSO: Los Angeles Voters Decide Whether To Clamp Down Hospital Executives’ Compensation 

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like


A convicted felon in California was arrested after he tortured and hostage two women and staged it as burglary. Convicted Felon Tortured and Kidnapped...


The application for the program, Rise Up Cambridge, in Massachusetts will begin on June 1 and will end on July 31 and qualified residents...


Police authorities arrested a man in Oklahoma after he was accused of raping and killing his 18-year-old graduate who was about to graduate from...

Us News

News from Springfield, Illinois is that a bill that would require public restrooms in Illinois to be available to both genders is coming under...