Posted on Feb 14, 2022
Will There Be a 2023 COLA Increase? Here’s What a Social Security Increase Might Look Like This...
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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.
PO1 William "Chip" Nagel Lt Col Charlie Brown SSG Michael Noll Lt Col John (Jack) Christensen Cpl Vic Burk SPC Margaret Higgins MAJ Dale E. Wilson, Ph.D. PFC David Foster Sgt (Join to see) SGT Charlie Lee PO2 Marco Monsalve LTC David Brown SGT David A. 'Cowboy' Groth ] PO1 Tony Holland SSG William Jones 1SG Dan Capri SPC Nancy Greene PO1 Tony Holland SrA John MonettePO1 Tony Holland
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.
PO1 William "Chip" Nagel Lt Col Charlie Brown SSG Michael Noll Lt Col John (Jack) Christensen Cpl Vic Burk SPC Margaret Higgins MAJ Dale E. Wilson, Ph.D. PFC David Foster Sgt (Join to see) SGT Charlie Lee PO2 Marco Monsalve LTC David Brown SGT David A. 'Cowboy' Groth ] PO1 Tony Holland SSG William Jones 1SG Dan Capri SPC Nancy Greene PO1 Tony Holland SrA John MonettePO1 Tony Holland
Will There Be a 2023 COLA Increase? Here’s What a Social Security Increase Might Look Like This...
Posted from vaclaimsinsider.comPosted in these groups: 
COLA (Cost of Living)
COLA (Cost of Living)
Edited 3 y ago
Posted 3 y ago
Responses: 2
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The adjustment should be based on food costs. Food has been going up substantially faster than 2.9%. My opinion for what it is worth SFC Joe S. Davis Jr., MSM, DSL .
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IMO, that will not even begin to cover the inflation we will see this year.
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