A record 8.7% Social Security cost-of-living increase is one of the few positives of the record inflation we’ve faced. Consumer Investigator Rachel DePompa talks to an expert about ways to make that extra money work for you.
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 , 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.”Copyright 2023 Gray Media Group, Inc. All rights reserved.
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