The largest adjustment in 40 years will be made to the cost of living, rising 8.7%.
Social Security announced an 8.7% cost of living increase for retirees on Thursday, the highest inflation adjustment to payments in forty years.
a positive step for the millions of senior citizens struggling to keep up with rapidly escalating living expenses.
The cost-of-living adjustment for 2023 is based on the most recent government inflation statistics and will be applied to payments in January.
After the Labor Department revealed the Consumer Price Index for September, which came in at 8.2 percent, the final COLA, as the adjustment is known, was made public.
There is more good news for Medicare beneficiaries to look forward to: Next year, there will be a decrease in the usual Part B premium that is withheld from
Social Security benefits. About 70 million Americans will receive a sizable boost from the COLA, one of Social Security's most useful features, next year.
According to Social Security Administration data, the program paid benefits to 52.5 million people over the age of 65 in August,
but younger beneficiaries — survivors of insured workers and recipients of disability benefits and Supplemental Security Income,
the program for people with very low incomes — increased the total by 17.9 million people.