Will Social Security's 8.7% COLA Help Seniors Gain Buying Power? Only if This Happens
It's hardly a secret that inflation has reached astronomical levels in 2022. That's put a huge burden on seniors, many of whom get the bulk of their income from Social Security.
Meanwhile, Social Security beneficiaries have endured months of speculation regarding next year's cost-of-living-adjustment (COLA). And at one point, some experts were calling for a boost as high as 11% due to the way inflation levels were trending.
Last week, the Social Security Administration announced that recipients will see their benefits increase by 8.7% in 2023. That's the largest COLA in decades, and it's a boost that could help seniors gain a world of buying power in the coming year.
Source Fool.com
