Nearly 1 in 5 Americans currently gets Social Security benefits, and those monthly checks account for about 30% of the income of seniors. Many of those individuals saw their benefits stretched thin by inflation over the past year, as rising prices rolled through gas stations, grocery stores, and the Medicare program. But the future is starting to look a little brighter for Social Security beneficiaries.

The standard monthly Medicare Part B premium will drop 3% to $164.90 in 2023, and seniors should get more good news from the Social Security Administration this week. That includes a historic cost-of-living adjustment (COLA) for current beneficiaries, and a bigger maximum retirement benefit for new beneficiaries. Details regarding those changes are likely to appear in a press release on Oct. 13.

Here is what you should expect.

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Source Fool.com