[Motley Fool] Here's how the biggest raise in decades could play out.Soaring inflation is generally bad news for consumers -- and that extends to seniors. In fact, seniors may be more likely to get hurt by rising living costs because Social Security commonly does a poor job of keeping pace with inflation.
Just take a look at this year's cost-of-living adjustment (COLA). Seniors on Social Security saw their benefits increase by 5.9% at the start of 2022. But since then, the rate of inflation has well outpaced that increase.
Still, Social Security beneficiaries are, at this point, more than anxious to hear what next year's COLA will look like. And while we won't have that official number until Oct. 13, here's a reasonable estimate of what seniors can expect.