For those on Social Security, the last few years have been an absolute drag.
Higher costs have not translated into higher income. But, seniors and retirees may finally have a reason to cheer heading into next year. That’s because if various trends persist, they may finally be getting a bit of a raise when it comes to their Social Security checks. Thanks to a growing economy and higher inflation, cost of living adjustments (COLAs) are hitting their highest point in years.
For retirees, the increase in monthly benefits should come as a welcome sign and help defray the costs of higher inflation.