Retirees will have more buying power in 2023 when the 8.7 percent Social Security cost-of-living adjustment (COLA) kicks in. The average recipient will see almost $150 more each month. The benefit boost was to help offset higher prices. According to Barron’s, as the country inches closer to a recession, inflation should ease. Because Social Security never lowers benefits, retirees could end up with more money in their pockets. As strange as it seems, many seniors could see their income increase if we experience a major recession.
The Seniors Trust is committed to improving the financial well-being of America’s retirees through passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA) and increased minimum benefits.