Could Social Security Really Give You a 10% Raise in 2023?
Inflation has become a huge threat to consumers, and retirees living on fixed incomes are among the most vulnerable to rising prices. When you have to pay more for everything, your budget can get stretched to the limit or beyond, leaving you with impossible choices.
For those who receive Social Security, however, there's some consolation in the fact that the program offers inflation adjustments on an annual basis. After seeing a 5.9% boost at the beginning of this year, even higher rates of inflation so far in 2022 have made it almost certain that the cost of living adjustment (COLA) that will kick in at the beginning of 2023 will be much higher. Indeed, a boost of 10% could still be in the cards, although it would take some renewed inflationary pressures to get there.
Image source: Getty Images.
Source Fool.com
