2023 Social Security cost-of-living adjustment is 8.7%
【《We Chinese in America》Media Editor Tang Zhao, October 13, 2022】The increase tops the 5.9% cost-of-living adjustment for 2022, which at the time was the highest in four decades. However, the Social Security Administration announced today, Social Security beneficiaries can expect an 8.7% boost to benefits in 2023.
The average Social Security retiree benefit will increase $146 per month, to $1,827 in 2023, from $1,681 in 2022.
The Senior Citizens League, a nonpartisan senior group, had estimated last month that the COLA could be 8.7% next year.
The confirmed 8.7% bump to benefits tops the 5.9% increase beneficiaries saw in 2022, which at the time was the highest in four decades.
“This is a really exceptionally good news day for older Americans, because their COLA is going up, their [Medicare] premiums are going to go down, and that means a lot more money in everyone’s pocket every month,” said Cristina Martin Firvida, vice president of government affairs at AARP.
“The COLAs really are about people treading water; they’re not increases in benefits,” said Dan Adcock, director of government relations and policy at the National Committee to Preserve Social Security and Medicare.
“They’re more trying to provide inflation protection so that people can maintain their standard of living,” Adcock said.(Source: New York Times)
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