High inflation and rising interest rates made life difficult for many Americans last year, but retired workers on Social Security were hit especially hard. Rising prices eroded the buying power of Social Security benefits, and recession fears triggered a sharp decline in the stock market, erasing trillions of dollars from retirement accounts. Fortunately, inflation is now trending downward and the stock market has rebounded from its lows, but the macroeconomic challenges of the past year have created a new problem for Social Security beneficiaries.

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Source Fool.com