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.
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…