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2023 Will Bring Historic Changes for Retirees on Social Security | Business News

Social Security can go a long way toward making retirement more affordable, but with inflation continuing to surge, it’s getting harder for retirees on a fixed income to make ends meet.

Fortunately, relief could be on the horizon. Next month, the Social Security Administration (SSA) will announce the cost-of-living adjustment (COLA) for 2023. The COLA is an increase in benefits aimed to help Social Security maintain its purchasing power.

Annual COLAs are normal, and retirees will receive a small boost in benefits most years. However, next year’s adjustment will be historic, and beneficiaries can expect a much larger-than-average raise.

Image source: Getty Images.

What will the COLA for 2023 be?

We won’t know the official COLA until October, as the SSA will wait until the September inflation data is released…

Read more…

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