The Social Security Administration has announced the largest benefit increase in 40 years. The 2023 cost of living adjustment (COLA) will be 8.7%, almost 3% more than the 5.9% increase for 2022. Retirees will see this increase starting in January. While this is the largest increase in 40 years, it’s needed by many simply to help offset record inflation, also at a 40 year high.
Surprisingly, Medicare premiums are decreasing in 2023, which will also help retirees. Part B premiums will decrease about 3%, to $164.90 per month. The annual deductible for Part B will also drop by $7 to $226. Most will pay less for their Part D prescription policies as well. Part D policies are sold by private insurers, but these policies and premiums are regulated by the Centers for Medicare and Medicaid.
Social security income plays a big part in retirement income for most Americans. At BCS Wealth Management, we have the tools necessary to help you strategize and optimize your social security benefit. This is all part of having a comprehensive plan. Whether you’re already receiving Social Security or simply planning for the future, we’re available to answer your questions. Call us anytime.