Social Security Recipients Should Be Thrilled With the Latest Inflation Report. Here's Why
This past October, seniors on Social Security learned that their benefits would be rising by 8.7% in 2023. That's one of the highest cost-of-living adjustments (COLAs) on record.
Of course, the reason Social Security is getting such a huge raise this year is that inflation levels warranted it. For pretty much all of 2022, consumers were forced to grapple with soaring living costs. And many seniors on Social Security struggled because of that -- namely because the 5.9% COLA they got at the start of 2022 just didn't hold up.
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Source Fool.com
