Social Security COLA 2023 Release, Live Online: Checks for Estimation, Adjustment and Inflation Relief | SSA updates

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How is Social Security’s COLA calculated?

The Social Security Administration calculates the cost of living adjustment (COLA) applied to benefits each year by the Consumer price index for urban wage earners and white-collar workers from quarter 3 (July, August, September) from the current year to the previous year.

The CPI-W data for July and August are available and the current average is 291. The average for the third quarter of last year was 268,421. This means that if the COLA was determined by the July and August numbers, seniors had a 8.4 percent increase in their payment amounts. However, if the price increases in September were not as large as earlier this summer, this number may shrink.

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