WASHINGTON - The 70 million Americans who receive Social Security benefits could receive a notable adjustment for inflation on their monthly checks starting next year — which could be the largest increase in over 40 years.
Roughly 70 million people, including retirees, those who are disabled, widowers, and others, could see an 8.7% cost-of-living adjustment (COLA) in 2023, according to an estimate from the Senior Citizens League, a group that lobbies for older adults.
Such a boost would be the highest increase since 1981 when the inflation adjustment was 11.2%. The estimate comes after the government on Tuesday released inflation figures for August, which declined for a second straight month amid sharply lower prices for gas and cheaper used cars.
Consumer prices surged 8.3% in August compared with a year earlier, the government said. Though still painfully high, that was down from an 8.5% jump in July and a four-decade high of 9.1% in June.