Social Security COLA 2023 benefits are getting an 8.7% bump — here’s what that means for recipients

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Social Security COLA 2023 benefits are getting an 8.7% bump — here’s what that means for recipients
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This past year’s COLA was previously the 40-year record-breaker at 5.9%. The record was just shattered again.

The cost-of-living adjustment for 2023 will be 8.7%, according to the Social Security Administration — the largest increase for Social Security benefits in more than four decades.

See: ‘This is a daunting time to retire’: In the age of inflation, there are steps you can take to deal with higher prices But the amount of Social Security is not tied to the prices of goods and services typically used by older Americans. The COLA is instead linked to the consumer price index for urban workers, or CPI-W, which more heavily weighs costs for transportation, food, apparel, and other expenses you’d expect an urban non-retiree to spend on.

Medicare Part B premiums might also be impacted. Most beneficiaries must pay a standard premium for this part of their insurance every month, but those with higher incomes pay more. In 2023, Medicare Part B premiums are decreasing about $5 a month, from $170.10 in 2022 to $164.90 in 2023.

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