In 2023, Federal retirees will have the greatest COLA rise since more than forty years.
The cost-of-living adjustment (COLA) for Social Security pensioners and Federal retirees is about to climb by the most in more than 40 years.
According to a Social Security Administration announcement made on October 13th, the COLA will rise by 8.7% for 2023. That sum will not, however, be added to the paychecks of all federal retirees. Beginning in January, those who participate in the Federal Employee Retirement System (FERS) will get a 7.7% COLA.
Given the high levels of inflation and […]