The forecast for the Social Security COLA in 2023 is excellent news for retirees.

This year, high inflation has shaken the U.S. economy and caused the stock market to crash, wiping out more than $3 trillion from retirement funds. 

In the meanwhile, millions of Americans have been compelled to use their savings to pay for rising gas and grocery prices as well as regular payments. 

However, seniors who rely on monthly Social Security payouts have been particularly hard hit by inflation.

Beneficiaries have faced constant price increases. Seniors are being forced to pay more on basics like electricity, natural gas,

and home heating oil since these three commodities all saw double-digit price increases in August. 

Medicare Part B premiums increased by 14.5% this year, one of the highest price increases in history.

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