As the calendar turns to October, Social Security recipients are eagerly awaiting the 2023 cost-of-living adjustment (COLA). Many seniors have been struggling under the weight of this year's high inflation, even as some costs, such as gas prices, have come down in recent months.

Experts are now expecting an 8.7% raise for seniors in 2023. The final figure will be determined by the July, August, and upcoming September Consumer Price Index for Urban Wage Earners and Clerical Workers. The CPI-W is related to the traditional CPI-U, but with slightly different weightings. Fortunately, the CPI-W looks to be slightly more generous than the CPI-U this year.

But is the CPI-W really capturing the costs most seniors bear? Some politicians say no and are proposing using an even more generous metric.

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Source Fool.com