The Social Security Administration (SSA) announced on Thursday, Oct. 13 that Social Security recipients will receive an 8.7% cost-of-living increase in their benefits beginning January 2023.
The 2023 cost-of-living adjustment (COLA) is the fourth largest in Social Security’s history. The average recipient’s payment will increase by about $140 a month.
After a historic increase in Medicare Part B premiums in 2022, premiums will decrease for most Medicare recipients next year.
Medicare is federal health insurance for anyone age 65 and older, and some people under 65 with certain disabilities or conditions. It’s made up of four parts: A, B, C and D.