Will Social Security's Giant 2023 Raise Drive the Program Closer to Insolvency?
Back in October, seniors on Social Security got some really excellent news: Benefits will be rising substantially in 2023 thanks to an upcoming 8.7% cost-of-living adjustment (COLA). That marks the largest raise the program has seen in decades.
And here's some even better news: Since October, the rate of inflation has slowed down compared to where it sat during the year's third quarter, which is what annual COLAs are based on. So now, seniors on Social Security might land in a position where they're finally able to gain some buying power.
Sweetening the deal even more is that for the first time in years, the cost of Medicare Part B isn't rising. Rather, it's decreasing.
Source Fool.com
