Social Security Retirees are Getting the Biggest Raise in 40 Years. Here's Why That's Bad News
Retirees have been waiting months for the news that was finally released this morning.
It's the announcement of the 2023 Social Security Cost of Living Adjustment (COLA). This is the periodic benefits increase seniors receive to help ensure they don't lose buying power due to inflation.
So, how big of a COLA are seniors getting? In 2023, Social Security checks will go up by 8.7%. That number may sound impressive. And, indeed, it's the biggest raise in 40 years, outpacing the 5.9% benefits increase in 2022. But, once you dig a little deeper, the news isn't something to be excited about.
Source Fool.com