What is COLA and why is it important?
The cost of living adjustment, or COLA, is a social security benefit that fluctuates with inflation. It ensures that retirees can live comfortably instead of living paycheck to paycheck.
The big changes in 2023.
A visit to the grocery store in the last 6 months will reveal a large increase in the cost of basic groceries like bread, milk, rice, and butter. With a 6.3% inflation rate in 2022, that is the highest it has ever been in over a century. Due to this, COLA benefits are the highest they’ve ever been, increasing by 8.7%.
To read more about the 2023 COLA changes click here
If you are interested in learning more about your social security benefits, you can also contact us!