COLA Social Security Payment Schedule 2022 

There is an annual cost-of-living adjustment used in calculating Social Security payments (COLA)

The amount of the COLA for the next year is based on where the consumer price index (CPI) is at the end of the year

Millions of Americans will get up to $4,555 in direct payments in 2023

Due to the war between Russia and Ukraine and rising prices, the index jumped by 8.3% in April

The Senior Citizens League (TSCL) has changed its estimate of the COLA for 2023. It now thinks that the COLA will go up by about 8.6%

The average benefit would go up by about $143 a month, to $1,800, and the maximum benefit would go up by about $361, to $4,555

This year, the average Social Security benefit is $1,657, and the most you can get is $4,194 a month

Many people will get direct payments of up to $4,555 in 2023

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