It's Official: Here's Your Social Security Raise for 2023
It's hardly a secret that inflation has been wreaking havoc on consumers for well over a year. That's made life especially difficult for people who get the bulk of their income from Social Security.
At the start of 2022, Social Security recipients saw their benefits increase 5.9%. At the time, that cost-of-living adjustment (COLA) was hailed as the largest one to come down the pike in years.
Meanwhile, as inflation has soared, there's been a lot of speculation over Social Security's 2023 COLA. At one point, some experts were projecting a COLA as high as 11%. Inflation data that came in over the summer pretty much quashed that notion, but it still left Social Security recipients wondering how much of a boost they'd be in line for come 2023.
Source Fool.com
