LANSING, Mich. (WLNS) – Social Security’s cost of living increase for 2023 is expected to be the largest in 40 years.
The Senior Citizens League says this will help seniors who’ve taken a huge hit from inflation and could help prepare them for an economic downtown.
The 2023 cost of living adjustment or COLA is expected to be around 9% or even higher, meaning more money each month for Social Security recipients.
Mary Johnson, an analyst for the Senior Citizens League says this isn’t a typical increase, so don’t get used to it.
“Today’s retirees, disabled social security recipients have really taken a huge hit from inflation,” she said.
Joseph Cordes, an economics professor at George Washington University says despite giving consumers more spending money, he’s not worried the increase makes inflation worse.
“I would not say that it’s going to have major negative impacts, and it certainly will have positive impacts, particularly for those retirees who really have to depend on the Social Security check as their main source of income,” he said.
Experts also say the increase can help insulate those on a fixed income from something unexpected or even a potential recession.