Federal Changes to Social Security Benefits
I'm excited to share some great news for those receiving Social Security benefits. This week, the Social Security Administration announced that Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 8.7% next year. On average, Social Security benefits will increase by more than $140 per month starting in January.
This 8.7% cost-of-living adjustment (COLA) comes as Americans suffer from the highest inflation in decades. As Medicare premiums go down and Social Security benefits go up, seniors will have more peace of mind and breathing room.
Information about Medicare changes for 2023 is available at www.medicare.gov. For Social Security beneficiaries enrolled in Medicare, their new higher 2023 benefit amount will be available in December through the mailed COLA notice and my Social Security's Message Center at www.ssa.gov/myaccount.