Social Security Recipients Could See Largest COLA Increase in Years, But High Inflation Still Creates Financial Pressures

Social Security recipients could see a 3% COLA increase in 2023 based on recent inflation data, higher than previously expected
A 3% increase would raise the average monthly retirement benefit by about $57
Even with COLA increases, many seniors are struggling to keep up with high inflation
Inflation is creating financial pressures for most U.S. households on necessities like food and rent
Compared to 2-3 years ago, the typical U.S. household is paying $227-$1,069 more per month due to high inflation