In 2022, inflation wreaked havoc on consumers, leading the Federal Reserve to take action by hiking up interest rates in an effort to cool the economy. And the Fed's efforts seem to have worked. inflation levels moderated in 2023, resulting in much-needed relief for cash-strapped consumers.

Meanwhile, in early 2023, Social Security recipients saw their benefits rise 8.7% in conjunction with the largest cost-of-living adjustment (COLA) to come down the pike in decades. Last year's COLA far surpassed the 5.9% COLA beneficiaries got in 2022 -- and that was considered huge at the time.

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Source Fool.com