The Social Security 2023 COLA: Good, Bad, and Ugly News for Retirees

The Social Security 2023 COLA: Good, Bad, and Ugly News for Retiree

Image Source: Google By:Savardekar

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[{"selector":"#anim-cae6f345-a918-4509-bc3e-30a092ee67ff [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.4164615565317638%, -5.59895820764828%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-b78a15d1-54fd-4fe5-b933-373738becd01","keyframes":{"opacity":[0,1]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1d3d62f2-9299-4c66-8282-0fcf6b7568c5","keyframes":{"transform":["translate3d(0px, 45.50521%, 0)","translate3d(0px, 0px, 0)"]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4d403eaf-ea77-4302-b8b0-6069f7c3dcf5","keyframes":{"opacity":[0,1]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6dfa0068-fc88-4e92-b57e-925ac8b81d04","keyframes":{"transform":["translate3d(0px, 180.18517%, 0)","translate3d(0px, 0px, 0)"]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Image Source: Google Fortunately, Social Security benefits are annually adjusted for inflation, and recipients will receive a historic 8.7% cost-of-living adjustment (COLA) in 2023.

[{"selector":"#anim-f74993bc-02d6-444f-8996-85d43fd62140 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-2.909820970971847%, 1.8229171334967265%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-acf94bda-8dd1-4501-8f2f-27dc699f53cc","keyframes":{"opacity":[0,1]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a332a941-d48a-4da5-a7c3-74c88c09af5d","keyframes":{"transform":["translate3d(0px, 45.50521%, 0)","translate3d(0px, 0px, 0)"]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-78c4ef9c-344e-4e62-982b-fa1d69a52a84","keyframes":{"opacity":[0,1]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-34387068-cb60-4cc0-aa71-ee8f39bc8198","keyframes":{"transform":["translate3d(0px, 300.30857%, 0)","translate3d(0px, 0px, 0)"]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Image Source: Google This is the largest COLA in more than four decades and the fourth-largest in history.

[{"selector":"#anim-b6c0a0f8-b1c4-4f73-b0d4-08d47ed69e39 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-0.8135517437760691%, -8.333333333333332%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-5a7cf0c8-74f4-445b-82c1-419f7a95fc7a","keyframes":{"opacity":[0,1]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8a04415b-94ba-4259-897d-1f6c75f2cb2d","keyframes":{"transform":["translate3d(0px, 45.50521%, 0)","translate3d(0px, 0px, 0)"]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8e208fc5-5479-4f42-a730-8119b712ccfd","keyframes":{"opacity":[0,1]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-efb28f4a-947f-41f4-95ab-72c07c9f3cef","keyframes":{"transform":["translate3d(0px, 300.30857%, 0)","translate3d(0px, 0px, 0)"]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Image Source: Google In general, this is a positive development for retired workers, but there are a few caveats.

[{"selector":"#anim-796e146f-0810-40ec-b00c-ddfa262356a2 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-1.611625717355688%, -8.333333333333332%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-fccb9ef8-0adc-412b-be46-651953a0f59c","keyframes":{"opacity":[0,1]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-52f97229-11c8-4e30-b657-19dfa43edf15","keyframes":{"transform":["translate3d(0px, 45.50521%, 0)","translate3d(0px, 0px, 0)"]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-de8cd604-44aa-49c2-9e7a-1167a212aed9","keyframes":{"opacity":[0,1]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-15f4efc3-99e8-48af-a977-63b2065aec4b","keyframes":{"transform":["translate3d(0px, 300.30857%, 0)","translate3d(0px, 0px, 0)"]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Image Source: Google Here is the good, bad, and ugly news about Social Security's 2023 COLA.

[{"selector":"#anim-0d5f2521-6c53-4a4c-a5b3-78ccbddcf3a6 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-4.75971356630233%, -8.333333333333332%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-10988fee-2251-4b0a-ad70-40da55689be7","keyframes":{"opacity":[0,1]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0cb47014-8c6e-4713-8309-9a33e094a7bd","keyframes":{"transform":["translate3d(0px, 45.50521%, 0)","translate3d(0px, 0px, 0)"]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a783ed38-edef-4d30-9e71-6fb19c4a4f3c","keyframes":{"opacity":[0,1]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0a6f275a-8950-4754-b214-5cfebba24aac","keyframes":{"transform":["translate3d(0px, 225.23152%, 0)","translate3d(0px, 0px, 0)"]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Image Source: Google Social Security COLAs are based on third-quarter changes in the Consumer Price Index for Urban Wage Earners

[{"selector":"#anim-d1020cee-cf1a-478e-93bf-0e8d3b7a32e4 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(2.229497503716538%, -8.333333333333332%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-b5d4d3c1-dead-4fde-b92c-e6dd702d84c1","keyframes":{"opacity":[0,1]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-86838a3b-da42-4180-b1b9-37559b317373","keyframes":{"transform":["translate3d(0px, 45.50521%, 0)","translate3d(0px, 0px, 0)"]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c6e09332-ec23-47fb-bdec-66dcc31208e4","keyframes":{"opacity":[0,1]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-62afa1e8-30fd-461d-980e-ed8965f26c36","keyframes":{"transform":["translate3d(0px, 450.46305%, 0)","translate3d(0px, 0px, 0)"]},"delay":10,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Image Source: Google Clerical Workers (CPI-W), a popular metric for measuring inflation.

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The Social Security 2023 COLA: Good, Bad, and Ugly News for Retiree

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