Social Security Beneficiaries Could Receive Another Mega COLA Next Year
Next year's COLA could be the fourth largest since 1990, according to one analyst.
Overview
Social Security beneficiaries have received some extra-large cost-of-living adjustments in recent years, and next year could be another big one. After inflation spiked in 2021 and 2022, retirees and other Social Security beneficiaries received 5.9% and 8.7% adjustments to their monthly payments.
The COLA has trended downward since. Last year's 2.8% COLA looked relatively tame compared to the bumps retirees received earlier this decade. Meanwhile, inflation continues to eat into the spending power of those monthly payments. That could lead to another huge cost-of-living adjustment next year.
Details
Here's what you need to know.
Source
Originally published at www.fool.com.
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