Social Security is projected to climb as high as 10% in 2023, which would be the biggest increase in more than 40 years. The annual cost of living adjustment (COLA) is designed to help benefits keep up with inflation. Experts anticipate that the average Social Security retirement benefit of $1,656.00 by $144.10. Social Security Administration will not make this announcement until approximately mid-October for the actual COLA. It will be interesting to see what the actual COLA increase will be and if it will be enough in light of the fact that expenses and costs for essentials are increasing faster than they ever have. If you are getting ready to retire, it may be a good time to review your estate plan.
See information on Social Security’s website at https://www.ssa.gov/oact/solvency/provisions/cola.html