Next COLA could hit double digits
This year’s cost of living adjustment, also known as a COLA, could reach double digits amid skyrocketing prices.
Experts are currently predicting an adjustment of 8.7 percent.
In the year to August, the consumer price index rose by 8.3 percent, the US Bureau of Labor Statistics announced on September 13.
Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League (TSCL), said a midground COLA of 8.7 percent, as it’s currently estimated to end up at, would increase the average monthly retiree benefit of $1,656 by $144.10.
The TSCL had previously predicted that even higher inflation could push up the COLA to 10.1 percent, meaning the benefit would go up by just over $167 a month.
