Social Security Is About to Do Something It's Only Done 3 Times Before
Although Social Security has been around for a really long time, the program tends to evolve from year to year. One change seniors have come to expect is their annual cost-of-living adjustment, or COLA.
The purpose of COLAs is to give seniors on Social Security the opportunity to maintain their buying power as living costs creep upward. Over time, the value of a dollar tends to erode, due to inflation. If benefits were to stay the same indefinitely, seniors who get the bulk of their retirement income from Social Security would no doubt struggle immensely, so COLAs are designed to prevent that. (Whether they actually do the trick is a different story.)
Meanwhile, in 2023, Social Security will be giving seniors a major boost to their benefits. In fact, next-year's COLA is the highest that Social Security recipients will have received in decades.
Source Fool.com