Who's Ready for an Extra $175 a Month in Social Security?

It's hardly a secret that the cost of living has been soaring this year. Lately, consumers are paying a premium for everything from food to shelter to gas. And the problem could get even worse before it gets better.

In fact, the Federal Reserve is specifically moving forward with interest rate hikes in an effort to cool inflation. The logic is that if borrowing gets more expensive for consumers, they'll start to cut back on spending, which could cause the pace of inflation to slow.

But based on the inflation data we have so far, it's fair to assume that next year's Social Security cost-of-living adjustment (COLA) will be substantial. In 2022, seniors on Social Security saw their benefits increase 5.9%, and that was following a period when inflation wasn't nearly as high as it is today.

Source Fool.com