Excited for a Boost in Social Security Benefits? It Could Drive Up Your Medicare Costs.
Seniors on Social Security had a hard time coping with inflation in 2022. And a big reason had to do with the fact that their cost-of-living adjustment (COLA) only came in at 5.9%. Because the rate of inflation far surpassed 5.9% last year, seniors lost out on buying power at a time when just about every single living expense imaginable was on the rise.
But things are shaping up to be very different in 2023. This year, seniors on Social Security are getting an 8.7% COLA -- the largest raise to arrive in decades.
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Source Fool.com
