Older American and others on Social Security could get a significant bump in their annual cost-of-living adjustment next year, with experts forecasting that the typical recipient could receive an additional $1,900 in 2023 to keep up with inflation.
Many seniors have struggled this year as their 2022 bump, 5.9%, lagged the hottest inflation in 40 years. Consumer pricesas gasoline prices dropped, but inflation remains scorching hot — up 8.5% from a year ago.
The Social Security Administration bases its annual COLA adjustment on…
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