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Average Social Security Payments Could Hit $1,800 Owing to Inflation

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Average Social Security Payments Could Hit $1,800 Owing to Inflation
Seniors shop for groceries during special hours open to seniors and the disabled at Northgate Gonzalez Market, a Hispanic specialty supermarket, in Los Angeles, Calif., on Mar. 19, 2020. Mario Tama/Getty Images
Naveen Athrappully
By Naveen Athrappully
9/15/2022Updated: 9/15/2022
0:00

Inflation could drive up Social Security payments by a record-high level next year due to inflation, with average payments reaching $1,800, according to an analysis by the Senior Citizens League, a nonpartisan group that focuses on issues related to older U.S. citizens.

Based on the inflation data through August, the Senior Citizens League estimates the Social Security cost-of-living adjustment (COLA) for 2023 will be at 8.7 percent, the group stated in a press brief on Sept. 13. An 8.7 percent increase would push up the average retiree benefit by $144.10, which would take such payments from the current $1,656 to $1,800.
Naveen Athrappully
Naveen Athrappully
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Naveen Athrappully is a news reporter covering business and world events at The Epoch Times.
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Related Topics
Social Security
benefits
cola
high inflation
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