Don't Count on a Social Security Increase of Nearly 11% in 2023

Millions of Americans anxiously look forward to cost-of-living adjustments (COLAs) from Social Security each year. These COLAs can make a big difference in household finances for retirees.

We'll have to wait to find out exactly how much the COLA increase will be for 2023. But the Committee for a Responsible Federal Budget (CRFB), a nonpartisan, nonprofit organization that focuses on issues affecting U.S. fiscal policy, recently projected that Social Security could give recipients an adjustment of nearly 11% next year. 

Could such a hefty Social Security increase be on the way in early 2023? Maybe. But here are three reasons you shouldn't count on it.

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Source Fool.com