The CPI which Social Security Payments are tied to is up 9.1% over the past 12 months. If inflation remains at the current level, on average, over the next two months (the CPI increase is announced following the release of September data) Social Security payments would rise 9.6% in 2023, according to estimates from the nonprofit Senior Citizens League. This organization advocates for protecting and strengthening Social Security and Medicare benefits. The best case scenario for seniors is that we see high inflation for the next two months and then a big cooling. That would lock in the CPI increase but inflation would no longer be at that high level. (Source: Wall Street Journal August 11, 2022, A3).
