Why Seniors Should Hope for a Smaller Social Security Raise in 2023

Why Seniors Should Hope for a Smaller Social Security Raise in 2023

Seniors are in a similar boat. Many retirees who get the bulk of their income from Social Security are having a hard time keeping up with living expenses, and that's coming on the heels of the program's most generous cost-of-living adjustment (COLA) in decades. In fact, recent estimates indicate that seniors on Social Security may be in line for an 8.6% COLA in 2023.