11 Things to Know About the 2023 Social Security COLA
For the vast majority of retirees, Social Security income is indispensable. According to pollster Gallup, just shy of 90% of surveyed retirees lean on their monthly payout as a "major" or "minor" source of income to make ends meet.
What's more, the Center on Budget and Policy Priorities found that 16.5 million people aged 65 and over are pulled out of poverty every year thanks to the existence of Social Security. Instead of an estimated poverty rate of 38% for seniors if the program didn't exist, Social Security has helped lower the poverty rate for aged Americans to 9%.
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Source Fool.com
