SSA Cost-of-Living Adjustment Increased by 8.7% Due to Soaring Inflation

Objectivity 4.4 | Credibility 4.8 | Relevance 4.7

Social Security Administration announced a cost-of-living adjustment increase (COLA) of roughly 8.7 percent starting in 2023 to relieve seniors of the financial pressures under rampant inflation.  This large degree of increase hasn’t been seen since 1981 when it rose to 11.2 percent.  Social security advocacy group executive Dan Adcock said, “The COLAs really are about people treading water; they’re not increases in benefits. They’re more trying to provide inflation protection so that people can maintain their standard of living.”