If you're collecting Social Security, you could receive hundreds of dollars more per month starting in 2023. Most years, Social Security beneficiaries will receive a higher benefit amount to account for cost-of-living adjustments, or COLAs. Usually, the COLA will fall around 2% to 3% per year. This year, though, seniors saw an enormous 5.9% COLA to account for surging inflation in late 2021.

Because inflation has been even higher in 2022, there's a good chance next-year's COLA will be massive. As a result, the average retiree could see their benefits increase by a whopping $2,162 per year. Here's what to expect.

Image source: Getty Images.

Continue reading

Source Fool.com