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Big COLA Coming - But You’ll Still Be Behind - MarketWatch
Social Security’s Cost of Living Adjustment (COLA) is poised to be pretty significant for 2023, probably even more than the historic 2022 increase of 5.9%. While that is certainly good news for SS beneficiaries, the insidious effect of continually soaring inflation will probably still leave you behind financially. Prices for just about everything have risen much more than last year’s COLA increase and, if inflation continues as is, a big COLA increase this year still won’t offset the higher prices you’re paying for everything. Now, no one would argue against a big cost of living increase for Social Security and this article certainly doesn’t do that. But this MarketWatch article by Paul Brandus does inject a dose of reality by explaining that those who are most reliant on Social Security will be hit the hardest by continued inflation. And the cure? Well, containing inflation is certainly necessary, but fixing Social Security’s already tenuous financial position is critical too. Click here to read more.
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