Social Security Increase 2023 Expectations
SSA Planning to Announce COLA 2023 on October 13 tentatively
October 2022
Bureau of Labor Statistics releases September inflation data by October 2022
COLA 2023
The Inflation data released by Bureau of Labor Statistics will be used by SSA to calculate COLA
COLA data
Committee for a Responsible Federal Budget Projects COLA could be around 11%
CRFB Projection
This Prediction was made 2 months back , the lower range could be 7.3%
keep your hopes low
SSA uses Consumer Price Index for Urban Wage Earners and Clerical Workers to calculate COLA which is decreasing
CPI-W
There are Possibilities that inflation could be lower in Q3. SSA uses average CPI-W from Q3 to find COLA 2023
Inflation
Major Drivers of inflation are fuel prices and housing prices which are keep falling.
fuel and housing prices
If these trends keep going in the same direction for next few weeks your social security increase could be lower than predictions
Predictions may go wrong
If inflation continue to decrease in September as well your benefit increase would be 8.5%, which is still huge in 4 decades
Inflation at same rate
If inflation falls more sharply in September then your social security benefit increase would be 7%, which is higher since 1983.
Inflation SHARP FALL
According to U.S. Department of Health and Human Services Medicare Part B premium raise will be much lower
another good news
A Huge increase is still possible, but considering the other factors we mentioned, its better to keep your expectations low
Huge increase still possible
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