Millions of Americans will see their Social Security benefits increase by 8.7% beginning in 2023, amounting to the largest increase in more than four decades, officials with the Social Security Administration announced Thursday.
“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,” Kilolo Kijakazi, acting commissioner of the Social Security Administration, said Thursday in a statement.
“This year’s substantial Social Security cost-of-living adjustment is the first time in over a decade that Medicare premiums are not rising and shows that we can provide more support to older Americans who count on the benefits they have earned.”The announcement came after officials said that consumer prices rose by 0.4% in September, amounting to an 8.2% increase over the last 12 months before seasonal adjustment.
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