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Social Security benefits may not increase as much next year

Approximately 70 million Americans–Social Security and Supplemental Security Income (SSI) beneficiaries–saw an increase of 8.7 percent in their monthly benefits in 2023. According to new research from the Bank of American Institute, the cost-of-living adjustment for 2023 was one of the highest received in almost four decades, stimulating spending among the older generations that receive Social Security income. Lori Konish explains the research and how next year’s cost of living increase may not be as high as this year’s. Read Ms. Konish’s article here…

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