The Social Security Administration just announced the 2023 COLA (Cost of Living Adjustment) increase of 8.7% which is the highest in over 40 years. The average retiree will see a $134 per month increase ($1,547 to $1,681 per month) which will help with the rising costs of most everything.
Those who are delaying Social Security benefits, you do not miss out on this increase. If you are eligible for Social Security, but are not taking it, this increase will impact you as well when you start your benefit.
To see how this change fits into your financial plan, give us a call or email anytime.