Here's Why the Recent Social Security Bump Might Not Be Good News
Earlier this month the Social Security Administration (SSA) announced an 8.7% increase in 2023 benefits. On the surface, this appears to be great news, considering how rampantly inflation has been eating into purchasing power, especially for our most vulnerable population.
I'm not here to take the wind out of anyone's sails. I do believe it's a good thing that the SSA is raising benefits. However, the underlying implications of the increase have me a little less enthusiastic. Let's explore why.
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Source Fool.com
