In the midst of all the negative news about the economy and the market, we got a bit of good news on October 13th.
The Social Security Administration announced that the cost-of-living adjustment for 2023 will be 8.7%, the largest increase since 1981. This follows the 5.9% increase for 2022.
Additionally, Medicare Part B premiums are actually dropping for 2023. This is only the 4th time since Medicare was created in 1965 that Medicare premiums decreased. The decrease is $5.20 per month or 3%.
Seniors currently on Medicare and receiving their social security will see an immediate impact. But even folks not receiving social security benefits will ultimately get a benefit from the cost-of-living adjustment to their earnings record, which will impact their future benefits.
Stay well and feel free to call if you have any questions.
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