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Social Security's Historic 2023 COLA Comes With a Silver Lining

Social Security's Historic 2023 COLA Comes With a Silver Lining

The wait for Social Security's more than 65 million beneficiaries, a majority of whom are seniors, is nearly over. In just 10 days, the U.S. Bureau of Labor Statistics will release key inflation data that serves as the final puzzle piece to calculate Social Security's cost-of-living adjustment (COLA) for the upcoming year. Since polls and studies have shown how vital Social Security income is to the financial well-being of most retirees, knowing how much payouts are going to rise in 2023 is of the utmost importance to older Americans.