Great News for Retirees: 2 Reasons Your Social Security Check Could Be Bigger in 2023
Inflation has hovered near a four-decade high for the better part of the past year, driving double-digit price increases in necessities like groceries, gasoline, and electricity. To make matters worse, the standard Medicare Part B premium received one of the largest price hikes in history this year. Those events have eaten away at the buying power of Social Security benefits, making life difficult for millions of retired Americans.
Fortunately, changes to Social Security and Medicare in 2023 should ease the burden. Here are two reasons retired workers will receive a bigger Social Security check next year.
The Social Security Administration (SSA) implements an annual cost-of-living adjustment (COLA) to keep benefits aligned with rising prices. After suffering the worst bout of inflation in four decades in 2022, it should come as no surprise that beneficiaries will get the largest COLA in four decades in 2023. Specifically, Social Security benefits will increase by 8.7% next year, marking the biggest raise since 1982.
Source Fool.com
