Inflation is up a staggering 9.1% over the past year alone. This insane increase is not being matched by Social Security. Unfortunately, that means that many senior citizens reliant on their benefit payments are struggling to live comfortably during retirement.
The estimated COLA increase for 2023 is not as great as it looks at a first glance.
Experts have started estimating the 2023 COLA, and it’s even larger than this year’s.
The most recent CPI report indicates an even larger increase for senior citizens' benefit payments in 2023.
Consumer advocates are concerned scammers will try to take advantage of senior citizens to benefit from the recently announced 5.9% COLA.
