Social Security Benefits Could Rise 10.5% Next Year
Millions of retired seniors depend on Social Security to provide a large chunk of their monthly income. And for some, Social Security provides all of their income. But those who rely too heavily on those benefits often wind up struggling in retirement.
Even though Social Security benefits are eligible for yearly cost-of-living adjustments, or COLAs, often, those raises don't do a good enough job of helping seniors maintain buying power as living costs rise. Such has been the case this year, in fact.
At the start of 2022, seniors on Social Security saw their benefits go up 5.9%. That marked their largest raise in decades.
Source Fool.com
