Social Security Benefits Will Get an 8.7% COLA in 2023 -- Here's What You Need to Know
Inflation hit the U.S. economy hard over the past year, but few Americans felt the impact more sharply than the nation's 65 million Social Security beneficiaries. The rising price of gas, groceries, utilities, and medical care made life difficult for those individuals, eating away at the purchasing power of their Social Security benefits. That's especially true because the 5.9% cost-of-living adjustment (COLA) applied to benefits in 2022 dramatically underestimated the impact of inflation.
Fortunately, beneficiaries have received some much-needed good news this month. The Centers for Medicare and Medicaid Services recently announced that the standard Medicare Part B premium will drop 3% to $164.90 per month next year. Additionally, the September inflation report from the Bureau of Labor Statistics -- which was released earlier today -- suggests life might get a little easier next year.
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Source Fool.com
