Will There Be a 2023 COLA Increase? Here’s What a Social Security Increase Might Look Like This...

FOR THE VETERAN OF THE VETERAN SHARE OF THE DAY

In this post, we’ll answer the question: “Will there be a 2023 Social Security Increase?”

While it’s still too early to know for sure, VA Claims Insider estimates a 2023 COLA increase of 2.9%.

Okay, let’s explore how we got there.

With soaring inflation in the U.S. economy, we fully expect the Federal Reserve to institute a series of 3-4 rate hikes this year, which should slow inflation, and in turn, reduce the prices of consumer goods and services by early fall 2022.

The fed rate hikes will likely have the effect of reducing the 3rd quarter CPI-W data, which when compared to last year’s numbers, could mean a smaller COLA increase for 2023.

Thus, we do expect there to be a cost of living increase in 2023, although it’ll be smaller than last year’s 5.9% increase.

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