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2023 COLA: 5 Things to Know

Tobias Burns, writing in The Hill, goes beyond the headline that Social Security recipients will get an 8.7% hike in monthly benefits effective in January 2023. First, he explains it merely allows seniors to break even. Second, the COLA is important given recent stock market declines. Third, Medicare premiums are decreasing, so for 2023 seniors will get to keep all of their COLA without offsetting premoum hikes. Fourth, the COLA will help more than just retiotees, as millions of children in this country with retired or deceased parents also receive monthly Social Security benefits. Laslty, Congress is considering a new measurement called the CPI-E, which would replace the CPI-W as a measurment for determining future COLAs. For more on all these points, click here.

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