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According to an estimate by Mary Johnson who is a policy analyst for the Senior Citizen League, an advocacy group,

According to an estimate by Mary Johnson who is a policy analyst for the Senior Citizen League, an advocacy group,

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the Social Security recipients could receive an extra 8.6% COLA (cost-of-living adjustment) in the next year 2023.

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A report for this year 2022, shows how the increased graph of inflation hitting the economy and the last month's

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consumer price index was the first time off 40-year highs. Therefore, if the Social Security recipients' cost-of-living adjustment (COLA )

consumer price index was the first time off 40-year highs. Therefore, if the Social Security recipients' cost-of-living adjustment (COLA )

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will be increased then it would definitely give some kind of relief to the retirees. For an average retiree,

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the cost-of-living adjustment (COLA) for the year 2022 is $1,657, and after an increase of 8.6% in COLA

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then the total monthly income would be around $1,800. This is more than a $140+ rise in COLA.

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A report by the Nationwide Retirement Institute shows that around 1 in 5 baby boomers say that Social Security

A report by the Nationwide Retirement Institute shows that around 1 in 5 baby boomers say that Social Security

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is their sole source of retirement income. Mary Johnson says that if it happens So from the next year onwards,

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people can do some extra task like 1 week more their ration will run or say they can buy more groceries

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they will be able to keep their house warm, they will be able to pay their electricity bills, etc. Work.

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