Survey Showed That Last Year's Social Security COLA Wasn't Enough. How Will Seniors Fare This Year With a Smaller One?
In late 2022, seniors on Social Security got some seemingly good news: Their benefits would rise by 8.7% at the start of 2023. That 8.7% cost-of-living adjustment (COLA) was the largest one to arrive in decades. And given that inflation cooled last year, it may have done a reasonably OK job of helping seniors maintain buying power.
But a Motley Fool survey conducted in late 2022, following the 2023 COLA announcement, found that more than 50% of respondents weren't happy with that raise -- because they felt it wasn't high enough.
Meanwhile, this year's Social Security COLA is only 3.2%. And that begs the question: If an 8.7% COLA wasn't adequate for so many seniors, how are they going to get by this year on a mere 3.2% boost?
Source Fool.com
