Social Security Recipients Could See , Biggest Cost-of-Living Increase Since 1981.<br />On May 11, taking April inflation data into account, .<br />the Senior Citizens League estimated that social security recipients could receive a cost-of-living increase of up to 8.6% in 2023.<br />Each year, the Social Security change is based on the Consumer Price Index for Urban Wage Earner and Clerical Workers (CPI-W).<br />Fox News reports that over the past year, <br />the CPI-W rose 9.4%.<br />If Social Security checks do see an 8.6% increase in 2023, it would be the largest annual adjustment in 40 years.<br />The final adjustment percentage will be announced by the Social Security Administration in October.<br />It may still be subject to change <br />depending on inflation.<br />According to the Senior Citizens League, <br />Social Security benefits have risen 64% since 2000 because of the cost of living.<br />but standard senior <br />expenses have grown by <br />130% through March 2022.<br />Fox News reports that monthly benefits would need to be increased by $539.80 to have the same purchasing power as 22 years ago
