Third-Largest Social Security Increase Ever on the Way? 3 Reasons You Shouldn't Cheer Yet
Every October, the Social Security Administration announces how much of a cost-of-living adjustment (COLA) the program's beneficiaries will receive for the following year. Those annual increases have topped 11% only twice since 1975, when automatic annual COLAs were first implemented.
The Committee for a Responsible Federal Budget, a nonprofit public policy organization, predicts that the COLA for 2023 will be huge -- potentially as high as 10.8%. Even if that prediction is overly optimistic, the third-largest Social Security increase ever could realistically be on the way. But here are three reasons why retirees shouldn't cheer just yet.
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Source Fool.com