Should You Hope for a Large Social Security Raise in 2023?
Last October, seniors on Social Security got word of a 5.9% cost-of-living adjustment, or COLA, for 2022. The news was generally met with excitement, since that 5.9% raise represented the largest boost benefits had seen in years.
Meanwhile, we're only about a month and a half away from 2023's COLA announcement, which should be unveiled in mid-October this year. Initial estimates are calling for an even larger COLA in 2023 due to rampant inflation. But is that something seniors should actually hope for?
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Source Fool.com