A Once-in-a-Lifetime Social Security & Medicare Event
Trevor Jennewine reports on the historic increase that all Social Security beneficiaries will receive come January 2023. The 8.7% raise will boost the average benefit for retired workers to $1,827 per month, an added $146 per month, according to the Social Security Administration. But there’s more good news, as Medicare part B premiums are going down too, by $5.20 on a monthly basis, or $62.40 over the course of the year. Jennewine cautions that the boost could prove irrelevant if inflation reaccelerates. Full article here.