Social Security recipients could receive a large COLA adjustment, forecasters say. Here's how they can earn 4% on their money now.
Social Security recipients may see a significant cost-of-living adjustment (COLA) of nearly 4% due to recent inflation trends. This adjustment could increase the average monthly check by approximately $80, bringing it to around $2,150. In the meantime, recipients can explore options like high-yield savings accounts and certificates of deposit to earn 4% or more on their savings now.
- ▪A potential COLA adjustment of 3.9% for Social Security recipients is forecasted due to rising inflation.
- ▪This adjustment could add about $80 to the average monthly Social Security check.
- ▪High-yield savings accounts and certificates of deposit are currently offering interest rates of 4% or more.
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MoneyWatch: Managing Your Money Social Security recipients could receive a large COLA adjustment, forecasters say. Here's how they can earn 4% on their money now. We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. .chip { background-image: url('/fly/bundles/cbsnewscore/images/chip-bgd/chip-bgd-moneywatch.jpg'); } By Matt Richardson Matt Richardson Sr. Managing Editor, Managing Your Money Matt Richardson is the senior managing editor for the Managing Your Money section for CBSNews.com. He writes and edits content about personal finance ranging from savings to investing to insurance.
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