Inflation has hurt senior Americans especially hard this year and tomorrow (10-13/2022) they'll know how just much their 2023 social security cost of living adjustment (COLA) will be. A.M.A.C. Foundation Social Security expert Russell Gloor says no matter what it is --- it's not enough. "Everyone on Social Security is losing buying power. Last year we got 5.9% - but inflation was well over 8%." Expert guesses run as high as 11%. "It's not going to be in the neighborhood of anything like 11% or even 10% or even 9%." It's probably going to be somewhere in the 8.5% to to 8.7% range." Gloor says it should be the highest raise in history.
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Gloor explains how his crystal ball works on his prediction. "It has to do with how this year's Consumer Price Index compares to the third quarter of last year." He says timing this year is against American seniors. "The inflation has indeed eased over the last few months...ironically the last few months are the ones from which the Cost of Living Increase are determined!"
photo: Getty
Social Security will have an historic raise for 2023.Photo: Getty Images