Social Security Is Getting an 8.7% Raise. Here's Why That's Good -- and Why It's Not
For months on end, seniors on Social Security were forced to sit back and wait for news of a 2023 cost-of-living adjustment, or COLA. At one point earlier this year, experts were calling for a COLA as high as 11%. But now that the final number is in, we know that an 11% COLA just wasn't in the cards.
Rather, Social Security recipients will see their benefits go up by 8.7% in 2023. That will take the average benefit among retired workers from $1,681 a month to $1,827. And because the cost of Medicare Part B, which is commonly paid directly out of Social Security benefits, is dropping, not rising, in 2023, seniors should get to keep their upcoming COLA in full.
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Source Fool.com