How Much Is Social Security Going Up in 2023?
Millions of retirees live on the fixed income that Social Security provides them. With little outside savings, the fact that Social Security makes annual cost-of-living adjustments is essential, because it allows the purchasing power of the checks that the program's recipients get to stay reasonably constant even in the face of high inflation.
In January, Social Security recipients will get an increase in the size of their monthly payments, as the COLA for 2023 takes effect. Below, we'll look at just how big a boost most retirees can expect to get from Social Security , and whether it'll be able to cover the higher costs that they've faced throughout much of 2022.
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Source Fool.com
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