Is 2023’s Whopping Social Security COLA Enough for Seniors?
Maurie Backman analyzes the 40 year high cost of living adjustment (COLA) seniors will get in January. But will an 8.7% raise actually help Social Security recipients gain buying power? Maybe. She cites a recent Motley Fool survey of retired Americans where 55% of respondents said that next year’s COLA really won’t cut it, despite it being rather large. Just 39% of respondents think next year’s COLA is spot-on based on a recent rise in living costs. But good news may be on the horizon is inflation eases, and there are sign this is happening. Still, Backman ads that one should never retire on Social Security alone. It was never meant to be a sole source of income. Full piece here.