BECKLEY, WV (WVNS)–Americans may calculate their 2023 Social Security benefits on Thursday, October 13, 2022.

Experts anticipate it will be the highest in over 40 years at a predicted 8.7 percent.

Raleigh County Commission on Aging Executive Director Jack Tanner said on Wednesday, October 12, 2022, that seniors are waiting to hear the report.

He pointed out that the price of food and other goods has risen, due to the highest inflation increase since 1981.

“You know, if they’re talking an historic COLA raise on our Social Security, you have to keep in mind, there’s been a historic increase in inflation,” Tanner, whose non-profit agency serves seniors, noted.

Mary “Fran” Bright, a senior citizen who lives in Beckley, said she welcomes a higher COLA.

“The cost of living is higher, and most of us aren’t able to get out and work and to get the money we need,” Bright observed. ” So the Social Security means a lot to us.”

Social Security COLAs are determined by annual changes to the Consumer Price Index for Urban Wage Earners and Clerical Workers for each year’s third quarter, based on the U.S. Bureau of Labor Statistics. The report is expected to be released on Thursday, Oct. 13, 2022.

The Social Security Administration will use the report to officially calculate benefits in December, but seniors may use the Oct. 13 report to calculate their likely benefits.

If the COLA is 8.7 percent, for example, retirees may multiply their monthly benefit by 1.087 to learn their predicted monthly benefit in 2023. The 2023 COLA adjustments will be included in social security benefits starting Jan. 1, 2023.

“Practically everyone that you talk to, you’ll find that they’re having difficulties,” Tanner said. “And we are dependent on it. It’s so important to us.”