Each year, seniors and others on Social Security receive a cost-of-living adjustment, to be announced October 13.
Every fall, the Social Security Administration makes an announcement that has a major impact on the 66 million people who receive benefit checks. The annual inflation adjustment is aimed at keeping seniors from losing purchasing power.
"That is going to the the highest COLA since 1981," said Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League."People will be seeing, theoretically, a nice bump in their Social Security benefits this time."the 2023 increase may not cover the rise is cost they've seen in all their expenses — spiraling inflation with which a 2022 COLA has failed to keep pace. Seniors in 2022 received a 5.
The CPI-W gives greater weight to gasoline and transportation costs, which are expenditures more common among workers who commute than retirees. It also puts less weight on medical costs, which are typically higher for older Americans. It's likely to be the biggest since 1981, which is when the U.S. was experiencing another bout of high inflation.
The typical Part B premium will decrease by $5.20 a month, trimming the standard monthly premium to $164.90. About 85% to 90% of Americans on the government health insurance program pay the standard rate, with the premium deducted directly from their Social Security checks.
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