Disappointed With Your 8.7% Social Security COLA? Here's Why You Shouldn't Be
Inflation has been battering consumers since the latter part of 2021, and seniors on Social Security have certainly felt that crunch. At the start of 2022, Social Security benefits got a 5.9% cost-of-living adjustment (COLA). But the rate of inflation has well outpaced that 5.9% raise this year, leaving Social Security beneficiaries in a struggle to cover their living costs.
At one point earlier this year, some experts were calling for a 2023 Social Security COLA as high as 11%. Meanwhile, the Social Security Administration just announced that beneficiaries will be in line for an 8.7% COLA next year.
At first glance, that 8.7% raise might read like a disappointment -- especially given the much higher numbers that had been tossed around at several points earlier this year. But here's why you ought to be happy with next year's Social Security raise.
Source Fool.com
