If you are an older American on social security, you’re well aware of cost-of-living adjustments.
Because of inflation, a big one is coming next year. Cost-of-living adjustments are based on the Consumer Price Index, which measures inflation and has been at 40-year highs for most of the year.
The expectation is the adjustment in 2023 will be 8.7% to offset the inflation during the administration of president Joe Biden, which has resulted in the most extreme inflation since the 70’s.
