Social Security will announce on October 13 the amount of a new increase in checks to beneficiaries in 2023 by COLA

The Social Security Administration will announce a new increase in beneficiary checks – Photo: Kevin Dietsch/Getty Images.

The Social Security Administration (SSA) will announce on October 13 the amount of the increase in checks to beneficiaries of its programs based on the Cost of Living Adjustment (COLA) formula.

According to The Motley Fool report, the announcement will be made at 8:30 a.m.

According to a Gallup poll earlier this year, Social Security funding allows 90% of program beneficiaries to make ends meet.

Many retirees eagerly await the agency’s announcement of the increase.

The agency relies on inflation levels between July and September to establish the annual increase amount. As a result, the SSA will disclose the amount in October.

The COLA is based on the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI).

Since 1975, this has been the inflationary measure used by the SSA to establish the adjustment by comparing the increase or decrease in the prices of products and services.

Estimates suggest that the COLA increase in 2023 would be between 8% and 10%.

Mary Johnson, a Senior Citizens League policy analyst, told NBC News that she projects that the annual adjustment will be 9.6%, representing the most substantial increase in Social Security benefits since 1980.

That year, the program’s beneficiaries saw a 14.3% increase in their checks. The following year it was 11.2%.

This year’s 2022 checks reflect a 5.9% increase. Beginning in January next year, most retirees will receive their enlarged checks.