High inflation points to bigger Social Security cost-of-living adjustment for 2023

Tara Moore | Getty Images Retirees who are feeling the pinch of higher prices, take heart: There could be a much bigger Social Security cost-of-living adjustment next year. A preliminary estimate from The Senior Citizens League, a non-partisan senior group, finds that the 2023 cost-of-living adjustment, or COLA, could be as high as 7.6%, based on the latest Consumer Price Index data. In comparison, the Social Security COLA for 2022 in January was 5.9%, the highest bump in 40 years. Data released Thursday found that the Consumer Price Index for all…

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