Social Security Benefits Are Expected to Jump 3.2%. Is That Enough?
Summary
Social Security beneficiaries can look forward to substantially boosting their income next year. The Social Security Administration announced a Cost of Living Adjustment (COLA) of over 3% for 2023. This marks the most significant increase in recent years, providing welcome relief to retirees and disabled individuals. The COLA increase is attributed to rising inflation, which has impacted the purchasing power of Social Security payments. This news reliefs millions of Americans, many of whom have been struggling to keep up with rising living costs. The higher COLA will help alleviate financial stress for seniors and those dependent on Social Security.
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