Mark your calendars: Oct. 13 is the date when the cost-of-living-increase, or COLA, for Social Security will be announced
The most up-to-date CPI data, in light of the new figures, showed that the Social Security cost-of-living adjustment could reach 8.7% for 2023 instead of the previously forecasted 9.6%, according to the Senior Citizens League.
While the increase is lower than prior forecasts, should the COLA boost stay this way when the 2023 COLA is announced in October, it will still be the highest increase since the 1980s, when the COLA was 11.2%.
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