Retirees on Social Security: Expect a Major Announcement in One Week
Social Security benefits are a key source of income for millions of older adults. In fact, around 37% of men and 42% of women rely on their monthly checks for more than half of their retirement income, according to data from the Social Security Administration.
If you're depending on Social Security in retirement, any changes to the program can have a significant impact on your finances. And there's one upcoming announcement that will affect how much you receive in benefits in 2023.
Social Security is a fixed-income source that's adjusted for inflation each year to help maintain its purchasing power. This boost in benefits is called a cost-of-living adjustment (COLA).
Source Fool.com
