If You're Receiving Social Security Benefits, Get Ready for a Record Increase in 2023
This has been a whirlwind year so far, with inflation that reached 40-year highs eating away at Americans' savings. Inflation tends to hit senior citizens even harder since their budgets have little wiggle room, and healthcare costs tend to rise the older we get.
But for Social Security recipients, there could be some relief coming. Each fall, the Social Security Administration (SSA) announces its annual cost-of-living adjustment (COLA) for the following year, and 2023's hike could be one for the record books.
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Source Fool.com
