Social Security offers an 8.7% cost-of-living adjustment in 2023 and Decreases Medicare Part B PremiumsSubmitted by Amanda on Thu, 10/13/2022 - 12:23pm
The Social Security Administration COLA
The Social Security Administration is set to announce the 8.7% cost-of-living adjustment (COLA). The 8.7% COLA will boost the average monthly Social Security retirement benefit to $1,814 next year, up $145 per month from this year’s $1,669 average benefit. The 8.7% COLA increase is the largest adjustment to the benefit in 40 years thanks to high inflation. And to everyone’s surprise, a decreased Medicare Part B premium comes with it.