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Originally Published: Jul 06, 2022
Originally Published: Jul 06, 2022 Last Updated: Jul 13, 2022 4 min read
Photo of a social security card surrounded by money bills
Money; Getty Images

Surging inflation could lead to the biggest boost to monthly Social Security benefits since 1981.

The 2023 Social Security cost-of-living adjustment, or COLA, would be 10.8% if inflation continues at its current pace, according to a new prediction from the non-profit Committee for a Responsible Federal Budget (CRFB).

Each year in October, the Social Security Administration officially announces the following year’s COLA based on inflation trends. Since inflation has been lingering near four-decade highs, Social Security beneficiaries are expected to get their biggest raise in four decades as well.