According to NYT, Social Security's cost-of-living increase will be the largest in four decades.
In October, retirees will be informed of the increase's size for 2023; the current projection puts it at 8.7%.
There will be an inflation adjustment for the more than 70 million Americans who receive Social Security benefits.
For recently retired people, the maximum retirement benefit might be $4,500.
For recently retired people, the maximum retirement benefit might be $4,500.
The low limit would climb from $19,560 to a nearby $20,000, and the high limit would increase from $51,960 to $53,000.
On October 13, after inflation data, the Social Security Administration will reveal the precise amount.
The Senior Citizens League estimated 8.7%, which is less than its 9.6% forecast from one month prior.
The change accounts for the inflation's recent mild cooling to 8.3 percent.
But even so, the COLA would be the most since 1981, when the inflation adjustment was 11.2 percent if the prediction proves accurate.