Excited for Social Security's Largest Raise in a Decade? Maybe You Shouldn't Be
Social Security benefits increase periodically due to Cost of Living Adjustments (COLAs). COLAs are built into the program to help ensure benefits don't lose buying power as prices rise.
In 2022, retirees are on track to get a huge COLA -- the largest one since 2009. But while this sounds like good news, seniors may not necessarily end up financially better off with the bigger benefit check.
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Source Fool.com