After battling runaway inflation for the past year, retired workers got some good news in October. Social Security benefits will get an 8.7% cost-of-living adjustment (COLA) in 2023, marking the fourth-largest increase in history. Meanwhile, the standard Medicare Part B premium will decrease 3% next year, just the second time the premium has dropped in the last two decades.

The large COLA coupled with a lower Part B premium is something "we may never see again in the rest of our lives," Mary Johnson, Social Security and Medicare policy analyst for The Senior Citizens League told the Associated Press. That once-in-a-lifetime event will help all beneficiaries to some extent, but the average retired worker will receive an extra $151.20 per month in Social Security income next year.

Here are the important details.

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Source Fool.com