Working and Collecting Social Security? Big Changes May Be On the Way In 2023
Every year, during the second week of October, retirees around the U.S. wait on proverbial pins and needles for the biggest announcement of the year from the Social Security Administration (SSA): The cost-of-living adjustment (COLA). COLA is the benefit boost Social Security's recipients receive most years that accounts for inflation.
On Oct. 13, 2022, the U.S. Bureau of Labor Statistics (BLS) provided the final inflation data point needed for COLA to be calculated for the upcoming year -- and what a COLA it turned out to be! According to the SSA, the program's nearly 66 million beneficiaries will receive an 8.7% cost-of-living adjustment. In nominal-dollar terms, it'll be the biggest payout increase on record for recipients, with the average retired worker, disabled worker, and survivor beneficiary netting a greater than $100 increase in their monthly payout next year.
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Source Fool.com
