Social Security’s cost-of-living adjustment, otherwise known as the COLA, for 2023 is expected to be around 9% or even higher, the highest in 40 years, analysts estimate. It will be announced Thursday morning.
Seventy-year-old Cassandra Gentry is looking forward to a hefty cost-of-living increase in her Social Security benefits — not for herself but to pay for haircutsThe three live in a Washington apartment building that houses 50 “grandfamilies” — in which grandparents take care of children who do not have parents present.
The impact will be immense, especially for low-income retirees such as Gentry, who feels the painful sting of high food and energy costs as she cares for a growing 12-year-old granddaughter and 16-year-old grandson. “They eat everything,” she joked.Don’t let the bear market keep you from retiring. But there are a bunch of other financial and emotional factors to consider before taking the leap.
High inflation remains a burden on the broader economy, which has caused the Federal Reserve to raise interest rates in hopes of cooling high prices.
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Social Security boost will help millions of kids, tooWASHINGTON (AP) — Seventy-year-old Cassandra Gentry is looking forward to a hefty cost-of-living increase in her Social Security benefits — not for herself but to pay for haircuts for her two grandchildren and put food on the table.
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Social Security boost will help millions of kids, tooSeventy-year-old Cassandra Gentry is looking forward to a hefty cost-of-living increase in her Social Security benefits — not for herself but to pay for haircuts for her two grandchildren and put food on the table. The three live in a Washington apartment building that houses 50 “grandfamilies” — where grandparents take care of children who do not have parents present. Gentry, who took in her grandkids to keep them in a safe environment, says the boost in benefits will help her make ends meet.
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Social Security boost will help millions of kids, tooSocial Security's cost of living adjustment for 2023 is expected to be around 9% or higher, the highest in 40 years. It will be announced Thursday morning.
Read more »