The Senior Citizens League believes the Social Security cost-of-living adjustment for 2023 will be greater for current recipients than ever before.

The Alexandria, Virginia-based group expects an 8.7% adjustment, which is more than at any time since 1981 and one of the top three on record. That would boost the average retiree benefit of $1,656 by $144.10, according to TSCL.

TSCL expects the Social Security Administration to announce the COLA for 2023 on October 13 this year, following the release of the September consumer price index data.

The group adds that the COLA for August 2022 has fallen short of keeping up with inflation by 48%.

TSCL also says that preliminary results from a survey suggest that more than half of respondents worry that they could face a greater tax liability for 2022 because of the 5.9% COLA this year.

In addition, 21% of respondents whose household income was below the threshold that would have made their Social Security benefits taxable at the federal level are now concerned that they may have to begin paying taxes on some of their benefits in the next tax season, according to TSCL.

The group also found that Social Security remains an essential part of retirement income for many Americans: A survey of 630 respondents found that only 2.06% have saved more than $1 million, just 3.02% have put away $500,001 to $1 million, and merely 5.40% have saved between $250,001 and $500,000.

Further, 10.32% have saved between $50,001 and $250,000, while 21.59% have saved less than $50,000, and 57.62% have no savings or chose “not applicable” as their response, TSCL says.