Here's Why Your Social Security Checks Might Not Actually Increase by 8.7% in 2023
The Social Security Administration recently announced an 8.7% cost-of-living adjustment (COLA) for 2023 -- the third-largest since 1980. This will add about $147 per month to the average senior's checks to help them regain some of the buying power they've lost this year to inflation. But you could get more or less than this.
Estimating the size of your 2023 checks seems like a simple matter of adding 8.7% to your current Social Security benefit, but it's more complicated than that. Here's how the government actually applies the COLA to your benefit -- and why your checks may not increase by 8.7%.
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Source Fool.com
