Impact of 2023 Government Shutdown on Social Security and Retirees

1 min read
Source: The Motley Fool
Impact of 2023 Government Shutdown on Social Security and Retirees
Photo: The Motley Fool
TL;DR Summary

The 2026 Social Security COLA is forecasted to increase benefits by 2.7%, with retirees in states with higher median incomes, such as New Jersey and Connecticut, receiving the largest dollar increases, although state residence does not directly affect benefit amounts. The benefits are indirectly influenced by lifetime earnings, which tend to be higher in wealthier states.

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