This Chief Actuary's Must-Read Quote on Social Security
In a recent webinar, the Social Security Administration's (SSA) Chief Actuary Stephen C. Goss noted, "With the trends we're seeing this year, it's likely we're going to have a COLA closer to 8% than 3.8% next year."
This came after a discussion on "spiking inflation," which, as of this writing, registered at 8.6% for the 12 months ended May 2022. Rapidly rising prices have shaken the U.S. economy and plunged consumer sentiment to a lower point than during the Great Recession of 2008-2009.
Let's explore how soaring inflation could affect your monthly Social Security check in 2023.
Source Fool.com
