Millions across America will see a significant increase in their Social Security benefits in 2023.
Recipients can expect a historic Cost of Living Adjustment, or COLA, of 8.7% in their benefits due to high inflation rates — the largest benefit increase in 40 years. Benefits for Social Security will also include a 3% drop in Medicare Part B premiums.The September numbers for 2022 were released by the Bureau of Labor Statistics on Thursday, showing that inflation sits at 8.2%.
This increase will affect the nearly 65 million people that receive Social Security benefits. They will begin to receive these benefits in January 2023, and Supplemental Security Income benefits will begin rolling out Dec. 30, 2022. Analysts with the Senior Citizens League predicted a 2023 Social Security benefit increase as high as 10.5% in July.
Each recipient pays 6.2% of their payments in taxes. The maximum amount of earnings subject to Social Security payroll taxes for 2023 will be $160,200, compared to $147,000 in 2022. The Social Security Administration’s acting Commissioner Kilolo Kijakazi said combining the increase in Social Security benefits with a decrease in Medicare premiums for 2023 “will give seniors more peace of mind and breathing room.”“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,” she said.
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