Are you the United States of America, Philippines, and Mexico citizen receiving government’s Social Security Benefits? Here’s some good news for you in the coming year. The Covid-19 pandemic slowed down almost all the countries’ economies, whether it was Mexico, the Philippines, or any other.

These countries have set themselves on a path to recovery, but it is not without its challenges. Let’s find out what Social Security Benefits are expected to increase in 2023 by economists for the US.

The most recent news about COLA 223:

The Cost of Living Adjustments are an increase in Social Security or SSI to address rising inflation.

While COLA 2023’s actual figures will not be known until spring, certain predictions have been made due to the current inflation trend. These forecasted figures haven’t been this high since 1981. Yes, that is correct! The COLA is expected to rise by 10.5%. It will mark the first time since 1981 when these figures have been in double-digits.

Social Security Benefits Uplift 2023

The COLA 2023, according to the non-partisan Senior Citizens League was estimated at 10.5% by the increasing inflation. The average retired person would see a $175.10 increase in Social Security.

The record-breaking inflation means that citizens will get the biggest Social Security benefits in over 40 years. The average increase in Social Security benefits for disabled veterans, federal retirees, and other Social Security recipients could be $175 per year.

Please remember that these are only the Social Security Benefits Augment 2023 expectations if current trends continue. If we experience deflation, or no inflation, the trend could shift.

The Special Minimum Benefit program provides $900 monthly in Social Security benefits for the lowest income earners. This will increase their Social Security benefits.

Understanding COLA:

Cost of Living adjustments are the percentage of Social Security’s increase to offset rising prices.

COLA figures are dependent upon the CPI -W from last year’s previous quarter to this year’s current quarter. The Social Security Benefits 2023 actual will also be available later this year.

CPI-W stands for Consumer Price Index of Urban Wage Earners and Clerical Workers. Social Security beneficiaries who do not have a CPIW increase will not be eligible for a COLA. For 2022, the US COLA is 5.9%.

Final Words

Many are making predictions about the Cost of Living Adjustments for next year. Keep in mind that these are only predictions and will change depending on what happens next year. However, the Social Security Benefits Augment 2023 would still be a huge surprise to beneficiaries.