Huge COLA Increase Predicted for 2023 — Why It Likely Won’t Be Enough for Seniors
A Cost-of-Living Adjustment (COLA) increase is always welcome news to Social Security recipients. Unfortunately, the boost is typically not much help for seniors struggling to live on Social Security. Recent reports of a significant COLA for 2023 have garnered interest from many Social Security recipients, but the increase still fails to meet the needs of seniors. While news of an increase sounds promising, there is much more to consider.
What is the COLA for 2023?
While the COLA has not been announced yet for 2023, there are suggestions that we could see a significant increase. According to estimates from The Senior Citizens League, older Americans could see the biggest boost since 1981. This would be in direct response to continuing inflation. Read more about the predicted COLA increase here.
Why the 2023 COLA Increase Likely Won’t be Enough
First, this change would not go into effect until next year. Seniors are struggling now. By the time a Social Security boost hits, recipients will already be far behind. Furthermore, COLA has consistently failed seniors by not addressing actual costs to older Americans. Even a large increase cannot overcome rising Medicare premiums, medication costs, and inflation if it does not take into account seniors’ real cost of living.
The Social Security Change Seniors Need
The problem is that many of our most vulnerable Americans are left without the benefits they rely on to afford their basic needs. This must change. While COLA may sound good on paper, we believe The Greatest Generation Benefits Act is the best option for older Americans. Learn more about this proposed legislation and sign our petition here.