Retirees: Expect a Massive Social Security Raise In 2023 -- and a Higher Tax Bill
Next year, retirees will likely receive one of the largest cost-of-living adjustments (COLAs) in history.
While the official COLA for 2023 won't be announced until October, experts at The Senior Citizens League expect it will be around 8.7%. That's far higher than the usual 1% to 3% raise seniors receive most years, and it's also significantly larger than this year's whopping 5.9% COLA.
The good news is that a bigger benefit amount can go a long way toward fighting inflation and making retirement more affordable. The bad news, though, is that it could also increase your taxes in 2023.
Source Fool.com
