According to the latest estimates, Social Security's cost of living adjustment (COLA) should be about 2.63% when it appears in recipients' checks next year. But according to a recent New York Federal Reserve survey, some of the costs that disproportionately affect older Americans are expected to rise much faster, as Certified Financial Planner® Matt Frankel discusses in this video.
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Social Security beneficiaries are going to get a raise next year. But it might not be nearly enough.
About the Author
Matt Frankel, CFP, is a contributing Motley Fool stock market analyst and personal finance expert covering financial stocks, REITs, SPACs, and personal finance. Prior to The Motley Fool, Matt taught high school and college mathematics. He holds a bachelor’s degree in physics from the University of South Carolina, a master’s degree in mathematics from Nova Southeastern University, and a graduate certificate in financial planning from Florida State University. He won a SABEW award for coverage of the 2017 Tax Cuts and Jobs Act. He is also regularly interviewed by Cheddar, The National Desk, and other TV networks and publications for his financial, stock market, and investing expertise.
The Motley Fool has a disclosure policy. Matthew Frankel is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through their link they will earn some extra money that supports their channel. Their opinions remain their own and are unaffected by The Motley Fool.
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