In 2023, Social Security Will Enjoy Its Largest Raise in 41 Years. Is It Enough?
In 2023, after a lot of waiting and anticipation, Social Security retirees will see the largest increase in their benefits in 41 years.
The Social Security Administration (SSA) announced last year that average benefits will increase by 8.7% thanks to the program's annual cost-of-living adjustment (COLA), which is intended to make sure retirees don't lose purchasing power due to inflation.
With the average Social Security check for retirees at about $1,632 in November, that means monthly benefit checks will rise by roughly $142 per month or more than $1,700 annually. Still, higher prices across the board have put retirees under pressure. Will this year's big raise be enough to mitigate all of the inflation? Let's take a look.
Source Fool.com
