Many consumers spent 2022 battling rampant inflation. And while inflation had a negative impact on Americans of all ages, seniors on Social Security may have struggled even more so.

In 2022, Social Security recipients got a 5.9% cost-of-living adjustment (COLA). At the time, that raise seemed generous. But the pace of inflation then rendered that boost fairly meaningless. And as a result, many Social Security beneficiaries wound up losing buying power last year.

Now the good news is that 2023's Social Security COLA came in at 8.7% -- a significant jump from 5.9% and the largest raise to come down the pike in decades. But in spite of that, many Social Security recipients today are worried that 2023 will be a repeat of 2022 in terms of lost buying power and financial instability.

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Source Fool.com