The Social Security Administration (SSA) recently announced that Social Security recipients will get an 8.7 percent cost of living adjustment (COLA) in their monthly benefit beginning in January 2023. This hike represents the biggest increase in four decades.
CNBC has information on how to calculate your new monthly benefit, and what you might expect. On average, a typical beneficiary will receive around $140 more each month.
The average Social Security benefit is $1,681, which will jump $146 to $1,827. To determine your exact benefit, multiply this year’s monthly check by 8.7 percent. But there is another wrinkle to factor in.
In past years, the Medicare Part B premium, which is deducted from your payment, has been increasing, thus reducing the COLA amount. But 2023 will be different. Instead, the Medicare Part B premium is being cut by $5.20, from $170.10 to $164.90. So, add the $5.20 to your expected 2023 COLA increase.
Seniors can expect to receive official notification from SSA in the November-December time frame as to their specific monthly benefit for 2023. The new amount will begin payment in January 2023.
Council of Seniors Works to Improve Your Benefits
Council of Seniors is totally committed to getting Congress to pass The SAVE Benefits Act to make up for inadequate Social Security cost-of-living adjustments in several past years. The amount of $581 was withheld from deserving seniors, and it’s about time it’s returned.
Sign our petition without delay. Let’s show Congress how many people support this bill. We’ll greatly appreciate all you can do to return this money to seniors.
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