Social Security Retirees Pay Hand Over Fist for These 3 Goods and Services
Inflation has been no joke this year, with consumer prices jumping to some of the highest levels in 40 years. Consumers have felt the sting everywhere, whether they are at the pump or the grocery store.
For Social Security retirees, there may be some good news to come from this when the Social Security Administration announces what could be the largest cost of living adjustment (COLA) to benefits in decades. As things stand, monthly checks could rise by 8% or 9% in 2023.
Of course, this is to cover higher prices and to ensure retirees don't lose purchasing power. We can see what retirees and seniors age 62 and over have been spending the most money on by examining recent data from the Consumer Price Index for Americans 62 years of age and older (CPI-E), which focuses on items that older Americans are more likely to spend their income on. Here are three goods and services that Social Security retirees have been paying hand over fist for.
Source Fool.com
