Why Seniors on Social Security Should Pay Particular Attention to October

Social Security serves as an essential source of income for millions of seniors. 

That could be especially true now, considering how inflation is wrecking havoc on older citizens' finances.

In the meanwhile, Social Security goes through its fair share of adjustments each year,

Some of which can benefit seniors. And one such modification that is frequently revealed in October 

May be crucial to the financial security of seniors in 2023. A cost-of-living adjustment, or 

COLA, is made to Social Security payments each year with the aim of assisting seniors in maintaining 

Their purchasing power in the face of rising. Benefits from Social Security increased this year 

By 5.9% in accordance to the inflation rate in late 2021. But given that the cost of living has increased 

Much more in 2022, it's reasonable to expect that the COLA for the following year will be even larger.

Using information from the Consumer Prices Index for Urban Wage Earners and Clerical Workers from

The third quarter, that COLA is calculated (CPI-W). The CPI-W tracks annual fluctuations in 

A variety of significant products and services. It seems obvious that COLAs would be directly 

indexed to an index that monitors inflation because they are intended to assist seniors keep up with it.

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