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Well, there is some good news when it comes to inflation. Your Social Security check will be affected by inflation – in a good way.
It is called the COLA or cost of living adjustment. This benefit increase is determined in October before the year that it goes into effect. So, these third-quarter inflation numbers are important. The higher the number translates into a higher social security benefit for 2023.
If inflation stays on its current track, the % increase could be 11.4% for 2023. That translates into an average of $290 more each month. Even if inflation does not go up between now and then, we are looking at a benefit increase of 9% for next year.
I do realize that this isn’t going to drastically change anyone’s lifestyle and that this increase might only mean that retirees can now pay their inflated bills. It is still nice to know that you are going to get some relief!