Inflation Is Hammering Retirees. Will Social Security's Upcoming Raise Help?
When the Social Security Administration announced an 8.7% cost-of-living adjustment (COLA) for 2023 back in mid-October, many seniors were finally able to breathe a sigh of relief. For months on end, seniors (as well as younger consumers) have been buckling under the weight of inflation. And when we look at how well 2022's COLA has stood up, it's easy to see why retirees have been struggling.
In early 2022, seniors on Social Security saw their benefits increase by 5.9%. At the time, that seemed like a generous raise. But the rate of inflation this year has well outpaced that 5.9% lift, putting Social Security recipients at a major disadvantage.
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Source Fool.com
