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Big Raise for 2023? Probably. But Don’t Get Giddy.

Mauurie Backman notes Social Security recipients have gotten meager cost of living adjustments (COLAs) for more than a decade, until the 5.9% COLA of January 2022. Based on recent data, a 7.6% COLA is predicted. A “raise” it is not, however, as it simply allows one to keep from falling even further behind rampant inflation. No one gains ground or gets ahead. Backman advises those not yet retired to save more aggressively on their own. Full article here.

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