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Beneficiaries of Social Security benefits will see the cost of living adjustment (COLA) increased by 2022.
The rebound of the prices of basic products throughout the country, as well as of fuels and even cars, are pushing for the cost of COLA to undergo a new adjustment .
A CNBC report estimates that the increase could be 5.3 percent in 2023 , which would be the largest increase in the United States in more than a decade.
The Senior League estimates that the increase could reach 6.1 percent , which represents the largest increase since 1983 when the COLA registered an increase of 7.4 percent.
Why will the TAIL rise?
Some of the factors that reflect the evolution of the economy in the coming months will be the interest rates that depend on the decisions of the Federal Reserve (Fed).
The government has confirmed that the COLA will increase, however, the percentage by which it will be increased has not been exactly announced.
The increase in prices
The Senior League has expressed a need to receive a fourth stimulus check because the inflation rate in May was higher than expected and is expected to increase again this October.
However, neither the government nor the Congress, so far, contemplate a signal to approve a new economic support program.
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