The Future of Social Security: Will Social Security's COLA Boost Mean Benefits Run Out Sooner?
Social Security paid benefits to 65 million recipients in 2021. Since 2010, the system has been bringing in less revenue than it pays out in benefits and covering the shortfall with its reserves. The 8.7% Social Security cost-of-living increase scheduled to be paid beginning in 2023 will provide vital income to retirees struggling to keep up with inflation, but could also put increased financial strain on the Social Security program. Here's a look at what could happen to Social Security in the future.