Social Security's Biggest Raise in Four Decades Comes With an Expensive Surprise
Retirees' finances are likely in for a much better year in 2023 than they just had in 2022. That's because inflation soared in 2022, resulting in elevated prices in pretty much all walks of life.
But in 2023, retirees' Social Security checks are set to rise by the largest amount in roughly four decades. That's because of the Social Security Administration's (SSA) cost-of-living-adjustment (COLA), which is intended to help preserve as much purchasing power for retirees as possible.
The bump will be welcome for the 66 million retirees who collect Social Security because recipients of the program are said to have lost as much as 40% of their purchasing power since 2000, according to a study from the non-partisan Senior Citizens League. But it is also going to come with a potentially expensive surprise.
Source Fool.com
