The Average Monthly Social Security Benefit Will Rise $146 in 2023, but Here's Why You May Not Get to Keep It All
It's hardly news that inflation has been surging since the start of the year, putting a strain on consumers and making it difficult for some to cover even their basic expenses, like housing, transportation, and food. But all of that rampant inflation has had one silver lining for seniors -- Social Security recipients are now getting the largest cost-of-living adjustment (COLA) in decades.
The Social Security Administration recently announced that Social Security recipients will get an 8.7% COLA for 2023. That will take the average monthly benefit of $1,681 up to $1,827, for a boost of $146 per month.
Better yet, for the first time in years, the cost of Medicare Part B isn't increasing. Social Security recipients who are also enrolled in Medicare have their Part B premiums deducted from their benefits automatically. In years past, Part B hikes have eaten away at seniors' COLAs. But since the standard Medicare Part B premium is actually going down in 2023, it shouldn't impact Social Security COLAs whatsoever.
Source Fool.com
