Social Security retirees are going to be getting a raise in 2023. The amount they’ll receive is going to be announced around October. But in recent months, estimates for how much older Americans will get have kept climbing.
Here’s why.
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This is why estimates keep rising for your Social Security raise
Initially, experts such as the Senior Citizens League projected that retirees were on pace for an 8.6% cost of living adjustment next year. This seemed pretty generous, considering that seniors got a 5.9% benefits increase in 2022, and that was the largest raise in four decades.
Then, things changed. Newer estimates suggested the raise would be as big as 10.5%. And now the most recent estimates suggest 11.4%. That’s a huge difference. With the typical retiree receiving about $1,669 per…
