2022's Social Security Raise Could Come With This Sneaky Surprise
Well, it's official. For months, experts have been talking about seniors on Social Security being in line for a massive raise in 2022. And this week, the Social Security Administration announced that beneficiaries will be getting a 5.9% cost-of-living adjustment (COLA), the largest to come down the pike in decades.
In comparison, seniors only saw a 1.3% COLA going into 2021. And so a 5.9% boost gives beneficiaries a lot more buying power.
But while a generous Social Security raise is a good thing in theory, there's one scenario where it could actually backfire. And seniors need to gear up for that possibility.
Source Fool.com
