For Your Information
BIG Social Security Benefits Increase
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.
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.