Hidden Downside to Big 2023 COLA Increase - Columbus Telegram

How could there be a downside to the big 8.7% cost of living adjustment all Social Security recipients will get starting in 2023? Consider this: the 2023 COLA is an “after the fact” increase because you’ve already been paying highly inflated prices for nearly everything you bought in all of 2022. And those higher prices have continued so, at best, the COLA will help you partially offset those continuing higher prices. But, essentially, you have lost buying power that can’t be recovered. And don’t expect somewhat higher interest on your savings to help much either, because any such increase will still be below the current inflation rate. The fact is, we are all falling further behind, despite the historically high COLA, as is explained in this Columbus Telegram article by Christy Bieber.

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