Here Is The Expected Increase In Social Security Checks For 2023

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The majority of elderly Americans who receive a monthly Social Security check rely on this money for everything

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According to a Gallup survey from April

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The monthly benefit is relied upon by 89% of questioned retirees to some extent

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Given how crucial Social Security is to the financial security of the elderly workforce in our country

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The announcement of the cost-of-living adjustment (COLA), which will be made, is the most anticipated one. on Oct. 13, 2022

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The COLA mechanism was created to assist the more than 65 million recipients of Social Security in keeping up with inflation

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The boost that most years is passed through and adjusts for inflation is known as COLA

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The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) has provided useful data since 1975

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As the inflationary anchor of the programme

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There are numerous subcategories within the CPI-eight W's main spending categories

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Each of which is weighted differently in percentages

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