Ongoing high inflation has left many Americans in a financial crunch—including retirees whose income depends on Social Security benefits. Fortunately, in 2023, Social Security recipients will get a little help in the form of an 8.7% cost of living adjustment, or “COLA,” the biggest year-over-year increase since 1981.
While the COLA is necessary to help keep pace with inflation, there are some potential negative long-term effects—including the possibility that this increase could mean Social Security coffers dry up sooner than anticipated.
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