Social Security Report

Pssst!! Next Year’s COLA Increase to be Announced Soon - Motley Fool

The wait is almost over! The federal government is only days away from announcing what the Cost Of Living Adjustment (COLA) will be next year for all Social Security beneficiaries, and predictions are that it will be a substantial one. Not so long ago, some pundits were predicting an increase as high as 11%, but easing inflation has most now speculating it will be more like 8.7%. Still, that will be an historic increase. Not to pour cold water on this, but it’s important to realize too that the increase won’t happen until 2023 and we’re already paying higher prices for everything we buy, which means that seniors continue to lose buying power. In any case, a COLA increase in the area of 8.7% will be a very welcome event for everyone who relies on Social Security as part of their retirement income, as explained in this Motley Fool article by Maurie Backman. Click here to read more.

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