Social Security

Key Takeaways of the Social security COLA 2023

COLA

COLA is the Cost-of-Living Adjustment to the social security monthly benefits, an annual adjustment to account for the changes in the cost of living.

AVERAGE BENEFIT

The Senior Citizens League estimates that beneficiaries may receive $159 extra per month by 2023

THE BOOST

Social Security Payments could be boosted by 9.3% to 10.1% due to the Annual Cost of Living Adjustment (COLA).

PREMIUM HIKE

14.5% hike in Medicare Part B premiums due to the plan’s coverage of The Alzheimer’s drug Aduhelm

THE SHORTFALL

The shortfall of $58 to the annual benefits of $1656 is still a concern among retirees.

ANNOUNCEMENT

After the September inflation data is released, the Social Security Administration will announce the COLA for 2023 on October 13, according to Mary Johnson