The Social Security budget is set to get a big, fat boost - but will it be enough?

Social Security recipients will receive a huge cost-of-living adjustment (COLA) next year. 

In any case, if it's anything like this year's big increase, they could lose even more ground. 

There is one thing we know for sure: With inflation currently running at 9.1%, the COLA will be large.

However, it was the biggest hike in decades last year-5.9%-and Social Security 

Recipients have been taking the hit anyway. Why is that? Since the 5.9% hike was announced 

last October, inflation began to rise faster than expected, rising 6.8% in November and 

7.0% in December. There has been an even greater acceleration in prices this year. 

As a result, the average Social Security check now has about 97% of the purchasing power of 

A year ago. There might not be anything disastrous about a three percent reduction.

Tens of millions of people depend heavily on Social Security. The Social Security Administration reports

1. Social Security provides 50% or more of the income of 37% of men and 42% of women over the age of 65

2. Social Security provides 90% or more of income for 12% of elderly beneficiaries and 15% of women

Therefore, every penny counts. In addition, some essentials have risen even faster than the overall inflation rate.

The price of food, for example, rose 10.4% between June 2021 and June 2022. 

In the meantime, here's a way to make inflation work for you if you began taking Social Security at 62 -- more on that later.

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