Social Security's Largest Bump Since 1982 Comes With Much More in 2023
It's no secret that this year's increase in Social Security benefits will be the largest since 1982. The Social Security Administration announced last year that average benefits in 2023 will rise by 8.7% thanks to the program's annual cost-of-living-adjustment (COLA). This increase will start hitting people's Social Security checks soon, and it may have hit some already.
The COLA is intended to try and prevent retirees from losing purchasing power as the cost of living rises. With the average Social Security check for retirees at roughly $1,632 in November, an 8.7% increase means an additional $142 per month or more than $1,700 annually.
The big raise will certainly be welcome by retirees, who have just gotten through an expensive year. But the big bump also comes with a lot more this year that should help retirees in other ways. Let me explain.
Source Fool.com
