The 2023 COLA isn’t the only thing coming soon — Old Man Winter is also on his way.

This time of year is pretty exciting. There are many holidays to celebrate, a year to look back on, and another to look forward to.

Retirees have something extra to be excited about. The 8.7 percent Cost-of-Living-Adjustment (COLA) will serve to raise benefits and give seniors some well-deserved extra money.

But is the increase enough? Specifically, is it enough to help cover the costs of increased energy bills this winter?

How Does the 2023 COLA Stack Up to Energy Costs?

As we discussed in our piece comparing the COLA to food costs, benefits are set to rise roughly $140 per month.

This number can vary depending on your income and other factors. While the 8.7 percent increase is a welcomed change, energy prices are also seeing a boost. Per Utility Dive, U.S. residential energy prices will climb by $0.1486/kWh this year, or about 8 percent from 2021.

Natural gas prices are rising as well, meaning that no matter your preferred heat source, you may be burning more money this winter.

While the COLA can help with this increase, it’s hard to spread this boost around to energy, groceries, healthcare, and the other areas that seniors must focus on.

Those who live in warmer areas may not have to sweat the winter, but the rest of us may have to spend our COLA to stop from shivering.

Help Us Make Life Easier for Retirees

While the 2023 COLA has already been announced, we’re always working toward the next increase. Will you help us ensure seniors get the warm, cozy, comfortable retirement they deserve?

NORA fights to put seniors’ needs first. Learn about our goal to make COLAs a yearly tradition here – then follow us on Facebook and Twitter so you never miss a post.