Because of last year’s soaring inflation rate, the 2023 COLA is 8.7% - the highest in more than 40 years. Stream SOCIAL GLOVES on LiveOne - Premium Live Music SOCIAL GLOVES BATTLE OF THE PLATFORMS Rewatch all the Social Gloves fights, plus more exclusive content from the historic Battle of the Platforms event at Hard Rock Stadium, Miami Gardens on June 12, 2021. When the CPI-W increase is especially high - as it was during the 2022 third quarter - then Social Security recipients can expect a big bump in their monthly payments for the next fiscal year. If there is no change, then the COLA is zero. TikTokers event will feature YouTube's ACE Family patriarch Austin McBroom and TikTok sensation Bryce Hall. The agency bases its calculation on the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) in the third quarter compared with the prior year, CBS News reported. The main event of the much-awaited YouTubers vs. The COLA is determined every October by the Social Security Administration. If the fiscal 2024 COLA does dip below 2%, it would be the smallest adjustment since 2020. That estimate was provided by the Senior Citizens League, a nonpartisan seniors advocacy group, based on the latest inflation figures. Recession: With a Recession Looming, Make These 3 Retirement Moves To Stay On Track Unsupported browser Browser does not support encrypted media extensions. Inflation: February’s Consumer Price Index Shows Inflation Slowing, Banking Crisis Could Hinder Progress inflation rate is good news for American consumers, but it could lead to a much smaller cost-of-living adjustment (COLA) for Social Security beneficiaries next year - possibly as low as 2% or less.
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