Nearly nine in 10 Americans aged 65 and older currently receive Social Security benefits, and the program represents an important source of income for the vast majority of those beneficiaries. Unfortunately, soaring inflation has put many seniors in a difficult spot this year. Prices have climbed exceptionally quickly in key spending categories like food, energy, and medical care, reducing the purchasing powering of benefits.

For that reason, many seniors on Social Security are anxiously awaiting two important pieces of information. The first is the cost-of-living adjustment (COLA) for 2023, and the second is the Medicare Part B premium for 2023.

Here's what you need to know about those critical numbers.

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Source Fool.com