How to make the most of your record 8.7% Social Security COLA increase

InvestigateTV - With a historically high 8.7% cost-of-living adjustment in 2023, the more than 70 million Social Security beneficiaries received on average $147 more per month.

Michael Joyce with the financial firm Agili said the increase was one of the few good side-effects of the record inflation we’ve all faced.

Joyce said beneficiaries who are able should set aside some of that extra money each month to put in a savings account.

“You do want to put some money aside because you’re not likely going to get this kind of increase again next year, unless inflation ramps back up,” he said.

Joyce recommended recipients re-do their budget to look for ways to spend less or save to that extra money more impactful.

“If you desperately need (the money), I think you’ll probably be spending it,” Joyce said. “But don’t forget that next year’s increase will be a little bit lower in all likelihood. And I would put some away in a bank account.”

Joyce said even a small amount put away each month would add up quickly in a savings account.

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