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Why a Big 2023 Social Security Raise May Not Be Enough

Katie Brockman explains that the Social Security Administration will make a major announcement in mid October– the amount of the annual cost-of-living adjustment (COLA). The COLA is an annual bump in benefits designed to help Social Security keep up with inflation.  Brockman notes that while next year’s COLA, estimated between 9% and 10%, can go a long way toward helping seniors afford everyday necessities, it still may not be enough. She urges those who can still save more for retirement to do so, and for those already receiving Social Security to understand its limits. Full piece here.

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