Seniors are already seeing the impact of the 2023 Social Security COLA (Cost-of-Living Adjustment) in their bank accounts.

The historic 8.7 percent increase was the highest in decades. It came at the perfect time, too, as seniors were suffering for multiple reasons.

Not only have retirees been getting shorted for years, but the added strain of a post-shutdown economy made things worse. Are your newly increased payments making a difference in your life so far?

Where Will Your 2023 Social Security COLA Go?

With some reports saying that inflation is slowing, seniors can enjoy a bit of stability with their spending.

It’s now possible to map out your upcoming expenses with greater consistency. Where will you end up spending your boosted benefits?

We’ve provided some numbers on how the new benefits could stack up to current energy costs, or to the standard grocery budget.

There’s also the possibility that seniors may come out ahead with their new benefits, especially if inflation keeps cooling. The excess may be a great gift for your relatives or function as a fine travel fund.

Others may use their 2023 Social Security COLA to pay down debt, or even throw it into savings for a rainy day. There are many good uses for it, and it all depends on your personal needs and financial goals.

Will the Boost to Benefits Help You This Year?

Even if you don’t want to share how you’re spending your raised benefits, we want to know your general thoughts on the COLA — will the increase make a noticeable difference for you? Share your thoughts with us, so we can better understand our audience and provide more relatable content.

We take great pride in providing the best news for retirees, and fighting for you on the legislative floor. For more content, follow us on Facebook and Twitter.