COLAs FOR 2023 WILL RISE 8.7%--MEDICARE PAYMENTS WILL STAY LEVEL
Social Security benefits are set to rise by 8.7% next year – the fourth-biggest increase since automatic inflation adjustments were introduced in 1975.
This cost-of-living adjustment, or COLA, will boost the average monthly checks retirees receive in January by $146 to $1,827, the Social Security Administration said Thursday. That builds on last year’s 5.9% COLA increase, which was the largest bump since 1982. Before then, COLA increased by an average of 1.7% annually from 2010 to 2020.
Other good news is the report that Medicare part B will stay at $166 a month--no increase.
COLAs FOR 2023 WILL RISE 8.7%--MEDICARE PAYMENTS WILL STAY LEVEL
ReplyDeleteSocial Security benefits are set to rise by 8.7% next year – the fourth-biggest increase since automatic inflation adjustments were introduced in 1975.
This cost-of-living adjustment, or COLA, will boost the average monthly checks retirees receive in January by $146 to $1,827, the Social Security Administration said Thursday. That builds on last year’s 5.9% COLA increase, which was the largest bump since 1982. Before then, COLA increased by an average of 1.7% annually from 2010 to 2020.
Other good news is the report that Medicare part B will stay at $166 a month--no increase.
The bad news,we might not make it to next year.
--GRA