Could Retirees Be In for an Even Bigger Raise Next Year?
Senior citizens on Social Security got their biggest raise in four decades this year. Retirees received a 5.9% increase in their Social Security check in 2022, resulting in larger monthly payments for millions.
While this seems hefty in comparison to recent years -- in 2021, retirees got just a 1.3% bump -- older Americans could be in line for an even bigger increase next year. But this may actually be very bad news and isn't something that elderly people living on a fixed income should hope for.
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Source Fool.com