2023 COLA Announcement - Social Security Administration
The news we’ve all been waiting for has finally arrived from the Social Security Administration! Consistent with what many pundits have been predicting, Social Security benefits will be going up by 8.7% starting in 2023 – welcome news for all who rely on Social Security as an important part of their retirement income. Especially in light of the continuing rise in the price of consumer goods, every little bit certainly helps. According to Social Security’s announcement, the average beneficiary will receive about $140 more each month, especially sweet this year because Medicare’s Part B premium (usually deducted from your Social Security) will be going down by a bit over $5, and that means an even bigger payment. Click here to read Social Security’s press release about the 2023 Cost of Living Adjustment.