Could Next Year's Social Security COLA Be Just 3.1%?
Many retired Americans struggled in 2022 as inflation surged. And to be fair, a lot of their younger, working counterparts struggled with higher living costs, as well.
Perhaps the only silver lining to come from that year of rampant inflation was a generous Social Security raise. In January, seniors on Social Security saw their benefits increase by 8.7%. That's the largest cost-of-living adjustment, or COLA, to come down the pike in decades.
But based on recent inflation data, next year's Social Security COLA is shaping up to be far more stingy. And it could leave many seniors with a serious loss of buying power.
Source Fool.com
