3 Changes to Social Security You Probably Didn't Know
Many seniors look to Social Security as an essential, stable source of monthly income. But while Social Security has been around for many decades, the program tends to undergo changes on a yearly basis -- some of which may not be so obvious. Here are a few ways Social Security has evolved since the start of 2022.
Seniors on Social Security don't get stuck with the exact same monthly benefit for the rest of their lives. If that were to happen, they'd struggle financially due to the natural pull of inflation.
That's why Social Security benefits are subject to an annual cost-of-living adjustment, or COLA, the purpose of which is to help ensure that they keep up with inflation. Because inflation soared during the latter part of 2021, Social Security benefits got a 5.9% COLA at the start of 2022 -- the most generous one in decades.
Source Fool.com
