When we broke the news of the 2022 Social Security COLA, a record 5.9 percent increase, we mentioned it was a good start.
The case for Cost-of-Living Adjustments is that they should be ongoing, as it’s never been clearer that the cost of living can change quickly. Inflation is climbing, and the case for yearly record increases is undeniable.
But while a record Social Security COLA in 2023 would keep this trend of upward momentum going, it may still be hard to keep up with the pace of inflation.
This doesn’t mean we relent on the cause to make sure retirees are paid fairly, nor do we let benefit increases be scapegoated for the continued inflation. Even if Social Security benefits rise next year, the cause is ongoing.
