Beneficiaries may see a record increase in Social security checks if the cost of living adjustment continues to climb.

In response to soaring inflation, the average Social Security recipient saw a 5.9% increase in their monthly benefit payments in January 2022 or about $93 per month.

This is the biggest increase in nearly four decades.

Analysts predict that next year's increase will be much higher for more than 70 million Americans who receive Social security. 

According to information available from the committee for the federal budget, the increase could be anywhere between $120 to $180 a month in their Social Security checks.

According to the Social Security Administration, the average retirement benefit for retired workers increased to $1,657 per month this year. 

The consumer-price index increased 8.6% in May, exceeding the 5.9% addition made by Social Security. 

If inflation stays stagnant, the COLA for 2023 would be 7.9%, or about $121 per month. 

However, no one expects it to remain flat: the CRFB estimates a 10.8% COLA increase next year if inflation continues to rise.

It means an additional $178 a month for the average Social Security beneficiary and a $1,838 check.  

When will I find out if my Social Security benefits are increasing?

The Social Security Administration will release next year's Cost of Living Adjustment in October 2022. 

In December, beneficiaries will receive a letter detailing their specific benefit rates for 2023.  

If you did not receive this letter, you can still check your increase online at the My Social Security website. 

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