Social Security's Record "Raise" in 2023:The Grim Reality

The more than 65 million recipients of Social Security will learn just how much their

monthly income will increase in 2023 on October 13, 2022, at 8:00 a.m. ET

The cost-of-living adjustment (COLA) announcement is the most significant news of the year for the majority of the 

48.1 million retired employees receiving a Social Isecurity check.

The easiest approach to understand Social Security's COLA is to see it as a means for the program to take into account inflation, or the growing cost of  goods and services.

Given that so many seniors rely on Social Security income to get by during retirement, it makes Ireasonable for their monthly distribution to rise in line with inflation

so they can continue to buy the same assortment of products and services. The "raise" that accounts for inflation is known as a COLA.

The word "raise" is surrounded by quotation marks to indicate that it isn't a conventional rise like the kind you may receive from your Job.