Social Security Recipients Could Soon See Their Largest Raise in Decades
Retiring on Social Security alone is a dangerous thing. That's because those benefits will only replace about 40% of the typical worker's pre-retirement income, and most seniors need about twice as much money to maintain a comfortable lifestyle.
But the reality is that a lot of people do end up retiring solely or largely on Social Security. And it's those same people who are apt to be the most impacted by Social Security raises.
Each year, benefits are subject to a cost-of-living adjustment, or COLA, based on inflation levels. Since inflation has been sky-high this year, benefits will likely increase substantially going into 2023. But whether that's actually a good thing is really up for debate.
Source Fool.com
