This year, Social Security beneficiaries are receiving a significant increase of 8.7% in their monthly checks. The cost of living adjustment (COLA) is part of the government’s effort to soften the blow of record-high inflation. But according to experts, that increase was likely a one-off.
Inflation rates have eased off since the COLA was last calculated in the fall of 2022—and as a result, next year’s adjustment is likely to be significantly smaller than this year’s.
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