Social Security beneficiaries will see an 8.7% increase in their monthly checks beginning in 2023, the largest hike since 1981.
The change will result in an average benefit increase of more than $140 to $1,827 a month starting in January for the roughly 70 million Social Security recipients.“Medicare premiums are going down and Social Security benefits are going up in 2023, which will give seniors more peace of mind and breathing room," said Kilolo Kijakazi, acting commissioner of the Social Security Administration.
The cost-of-living adjustment was driven by high inflation rates. Consumer inflation rose 8.2% over the past 12 months, the Bureau of Labor Statistics said Thursday. The 8.7% increase is higher than the 5.9% hike beneficiaries saw in 2022. The last time the cost-of-living adjustment was higher was in 1981, when it was 11.2%.
The standard monthly premium for Medicare Part B, the national health insurance program for those 65 or older or younger people with disabilities, will also be going down $5.20 to $164.90 in 2023 from $170.10 in 2022 in an attempt to ease living costs.Notices will be going out in December to recipients that will report how much each person's Social Security monthly check will be in 2022.
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