Will seniors be in line for their largest Social Security raise in decades next year? That's looking likely.

In June, the Consumer Price Index (CPI) rose 9.1% on an annual basis, marking the index's largest increase in roughly 40 years. Now Social Security cost-of-living adjustments, or COLAs, are actually based on third quarter inflation data from the CPI-W, which is the Consumer Price Index for Urban Wage Earners and Clerical Workers. And that's not data we're privy to yet (what with it being July and all).

But still, it's fair to assume that Social Security benefits will increase substantially in 2023. And some estimates are calling for a 10.5% boost, which would far surpass the 5.9% COLA seniors received in early 2022.

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Source Fool.com