For retirees, some welcome social security and other benefits increases to help ease impacts of inflation

With inflation at multi-decade highs, retirees are feeling the squeeze as
they grapple with the effects of rising prices on gasoline, housing,
medical expenses, groceries, and more. With the Federal Reserve
aggressively fighting inflation by raising short term interest rates, both
the stock and bond markets have experienced substantial declines, adding
further stress to an already stressful environment. These circumstances
have caused many retirees to cut back on spending. However, a slight
reprieve has come in Social Security’s 2023 Cost of Living Adjustments
(COLA) of 8.7%, which marks the biggest increase in nearly
forty years and trumps this year’s COLA increase of 5.9%.

Source link