Since 1975, the Social Security Administration has automatically set COLAs each year based on inflation. Learn More Looming Social Security problems Since no one knows yet what the inflation rates for these three months will be this year, estimates will continue to shift as we get closer to autumn.Īmerican Advisors Group can help you get the best terms out of your Reverse Mortgage loan. The official COLA is based on inflation data from July, August and September of the previous year.
The non-profit Senior Citizens League’s latest COLA estimate is 8.6%. For example, an official at the Social Security Administration estimated in June that the 2023 COLA would likely be around 8%. Other recent predictions have been slightly more modest than the CRFB’s upper-bound estimate. While some economists predict that the inflation rate may dip later this year in response to the Federal Reserve’s aggressive moves to tame it, it is very unlikely that inflation will halt entirely by the end of 2022. If inflation were to slow down or completely stop for the remainder of the year, the COLA could be as low as 7.3%. The CRFB made several predictions based on what inflation could do in the coming months, before the Social Security officially calculates the 2023 COLA. Hawaii Alaska Florida South Carolina Georgia Alabama North Carolina Tennessee RI Rhode Island CT Connecticut MA Massachusetts Maine NH New Hampshire VT Vermont New York NJ New Jersey DE Delaware MD Maryland West Virginia Ohio Michigan Arizona Nevada Utah Colorado New Mexico South Dakota Iowa Indiana Illinois Minnesota Wisconsin Missouri Louisiana Virginia DC Washington DC Idaho California North Dakota Washington Oregon Montana Wyoming Nebraska Kansas Oklahoma Pennsylvania Kentucky Mississippi Arkansas Texas Request Your Information Kit
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