2023's Massive Social Security COLA Increase May Not Be Enough for Retirees
If you're a Social Security recipient, you probably already know the good news.
Social Security checks are about to jump faster than they have in 40 years. That's because Social Security benefits are raised each year according the cost-of-living adjustment (COLA), which is based on a version of the consumer price index (CPI-W), measured from the third quarter of one year to the third quarter of the next.
For 2022, the Social Security COLA, or increase, was 5.9%, but it's on track to be around 9% in 2023 based on recent inflation readings. As of July, the CPI-W was up 9.1% on a year-over-year basis so the 2023 COLA is likely give a significant boost for most retirees.
Source Fool.com
