Social Security beneficiaries will receive a significant benefit increase of 8.7% in 2023. This figure is up from 2022, which brought a hefty 5.9% increase. According to the Social Security Administration, the average beneficiary will see their benefits go up by more than $140 each month starting in January.
The 2023 Social Security cost-of-living increase was announced on Oct. 13 and is the largest single-year bump since 1981.
Every year, the federal government calculates the change in Social Security benefits based on inflation. This is the cost-of-living adjustment (COLA).
The significant raise for 2023 comes in response to rising prices for food, housing, energy, and other goods and services. This year’s COLA increase is welcome news for Medicare beneficiaries, who also recently learned of the 2023 Medicare Part B premium decrease.
If you have any questions about the COLA increase or how it could impact your health coverage, our advisors are here to help.
If you’re currently a RetireMed client, call 877.222.1942 to speak with a client advisor.
If you’re new to RetireMed, reach out to us at 844.388.6565. We’ll answer your questions and help you get started!