Social Security beneficiaries will likely to receive a record high cost-of-living adjustment in 2023 due to inflation. Based on new consumer price index data for June, The Senior Citizens League, a nonpartisan senior group, now estimates the cost-of-living adjustment will be 10.5% for 2023. A 10.5% COLA would amount to a $175.10 increase to the average monthly retirement benefit of $1,668, according to The Senior Citizens League. In comparison, the group’s estimates from the past two months indicated the COLA for next year might be 8.6%. 

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