By Shawn Stone
A big question on seniors’ minds earlier this year was: How much of a e Social Security increase is coming in 2023?
By mid-October, they had their answer. In 2023, Social Security benefits will be eligible for an 8.7% cost-of-living adjustment (COLA) based on third quarter inflation data. Social Security hasn’t seen a raise like that in decades.
However, will an increase of 8.7% actually increase the purchasing power of Social Security beneficiaries?