Next Year's Social Security Raise May Not Be as Big as You Expect. Here's Why
Millions of retired seniors bank on Social Security as a major source of income. And thankfully, benefits are eligible for an annual cost-of-living adjustment, or COLA, the purpose of which is to help seniors maintain their buying power from year to year.
For a long time, Social Security COLAs were notoriously stingy. But in 2022, seniors got a 5.9% raise -- their largest in decades. And due to rampant inflation, some experts are calling for an even larger COLA for 2023.
In fact, recent estimates have indicated that seniors could see their benefits increase by almost 11% in 2023. But here's why that may not happen.
Source Fool.com
