Social Security Benefits Could Rise Almost 11% in 2023
Many seniors today get all or most of their monthly income from Social Security. Given how inflation has surged, that's put a lot of retirees in a tough spot financially.
Earlier this year, Social Security recipients got their most generous cost-of-living adjustment (COLA) in decades -- a 5.9% raise. And the reason for that boils down to high levels of inflation during the latter part of 2021.
But this year, inflation is soaring even more. And now, some experts are projecting that next-year's Social Security COLA could leave this-year's COLA in the dust.
Source Fool.com
