A Big Boost Is Coming to Social Security -- But Will It Be Enough for You?
Just how massive will 2023's Social Security cost-of-living adjustment (COLA) be? That's the big question.
Inflation has been soaring for well over a year, and in recent months, it's been notably high. That's put a strain on not just retirees, but people in general.
The good news is that sky-high inflation is setting the stage for Social Security's largest COLA in decades. Earlier this year, estimates were calling for an 11% boost in benefits. And while a bump that high seems unlikely at this point, we could easily see a COLA in the 9% range. Even if next year's COLA falls between 8% and 9%, it would still trump the 5.9% COLA seniors received at the start of 2022.
Source Fool.com