Why October 12 is a big day for Social Security recipients

Seniors on Social Security were thrown a major bone at the start of 2023, when their benefits rose 8.7%. That cost-of-living adjustment, or COLA, was the largest one to arrive in decades, and it was spurred by the rampant inflation that plagued consumers throughout 2022. At this point, Social Security recipients are really eager to know what 2024's COLA will look like. And they won't have to sit tight too much longer.

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