This is Edelman Financial Engine's everyday wealth, with award-winning journalist Soledad O'Brien,

personal finance expert Jean Chatsky,

and Edelman Financial Engine's wealth planner Rose Nyeung.

Rose, I look toward the end of September. We know that there is another hike coming, barring some really significant and surprising news.

Is there any good news that comes with another rate hike?

There are definitely a silver lining.

As we know, we have been in a rising interest rate environment

since the second quarter of this year as

inflation keeps climbing as you've mentioned gene the Fed is really trying to get a

grip on inflation and cool down the economy a bit. So if you are saving money as we've

been telling you over the past you know a few months and making sure that you have a

good emergency fund you should be looking forward to those savings accounts are having a little bit of a higher

interest rate. If you are a Social Security recipient you should be looking forward to the biggest

increase in your monthly payments in quite a while.

As you know, the cost of living adjustments on Social Security or COLA are tied to inflation and

they are set to be over 9% in 2023 according to the Senior Citizens League.

With inflation being at a 40 year high and as Solidad you mentioned we are all feeling the effects of it an increase of an average of a hundred and fifty nine dollars a month will come very helpful to those who are collecting Social Security.

And it's just important to keep in mind that the SSA COLA is actually based on inflation

readings from July, August, and September.

So Rose, with this new increase, does it change the advice you might give me say if I had planned to delay

getting Social Security I mean with this with this new COLA it might be more attractive to do it earlier.

Not necessarily.

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