For 2023, federal retirees will see largest COLA increase in over 40 years
Federal retirees and Social Security recipients are about to get the largest increase in their cost-of-living adjustment (COLA) in over four decades. The COLA will increase 8.7% for 2023, the Social Security Administration announced on Oct. 13. But not all federal retirees will see that amount added to their checks. Those in the Federal Employee Retirement System (FERS) will receive a 7.7% COLA starting in January. The large COLA announcement for 2023 is no surprise, given high rates of inflation and climbing consumer prices this year, said Ken Thomas, national…
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