Many seniors on Social Security have struggled to make ends meet this year due to soaring living costs. And we can thank inflation for that. Prices have been elevated since the latter part of 2021, and that's created a massive cash crunch for older Americans in particular, many of whom get the bulk of their income from Social Security.

Meanwhile, back in October, Social Security recipients got a bit of good news: Based on third-quarter data from the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), benefits are eligible for an 8.7% cost-of-living adjustment (COLA) in 2023. That's the largest raise to apply to Social Security in decades.

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Source Fool.com