October 27, 2022

For the 70 million Americans receiving Social Security:  good news! To help cover the rising costs of housing, food, health care and other essentials, Social Security benefits and Supplemental Security Income (SSI) will increase in 2023 by 8.7%.¹ It’s the largest increase in 40 years.

The average retired person will see an additional $144 per month in payments starting in January.

Federal benefit rates increase when the cost-of-living rises. The Department of Labor’s Consumer Price Index (CPI-W) gauges the cost of living based on inflation. The cost-of-living adjustment (COLA) helps to offset added costs.  The Social Security Administration will mail current Social Security recipients COLA notices in December.

This announcement comes after Medicare announced a reduction of approximately 3% in Medicare Part B premiums for 2023. If you have any questions, please contact your Bahl & Gaynor team.

¹ https://bit.ly/3TwiQhn

 

The information contained herein is true and complete to the best of our knowledge. Bahl & Gaynor offers it in good faith. All recommendations are made without guarantee on the part of the author or Bahl & Gaynor Investment Counsel.