According to AARP, 2023 could bring the biggest increase to Social Security benefits in four decades. We have faced one of the biggest inflations in decades, with prices, for example of fresh fruit and vegetables, meats, poultry & fish, and medical care services, going up. So it makes sense that as inflation grows, benefits increase as well, so that people can still cover the most basic needs and get access to health services. Experts believe that the Cost of Living Increase (COLA) for 2023 could be between 8-10%.
In addition, A rise in Medicare Part B premiums in 2023 would offset a portion of the COLA increase for Social Security recipients who have Medicare premiums deducted directly from their benefit payments. However, the 2023 Part B premium increase is expected to be smaller than this year’s record increase.
For more information visit https://www.aarp.org/retirement/social-security/info-2022/cola-estimate-2023.html?intcmp=AE-MON-TOENG-TOGL