Seniors on Social Security Could Get a Huge Boost in 2023 -- but There's a Catch
Tens of millions of U.S. seniors depend on Social Security, and as inflation continues to surge, it's growing more challenging for many retirees to make ends meet.
Early this year, Social Security beneficiaries received a 5.9% cost-of-living adjustment, or COLA, to account for how inflation rose in late 2021. Because costs have continued to soar throughout 2022, next year's COLA will likely be even higher. Here's why that may not be as promising as it sounds.
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Source Fool.com
