Social Security Announces Cost of Living Adjustment for 2023


The Social Security Administration announced on Thursday that the Cost of Living Adjustment (COLA) for 2023 will be 8.7%, the biggest increase in 40 years.

Seniors will begin seeing the increase in January. The average increase in benefits will be $140, according to SSA.

The 8.7% tops the 5.9% increase in 2022. At the time, that raise was the highest in 40 years as well.

It’s not enough. The government announced today a much higher than expected inflation rate for September. Prices rose 0.4% in September from the previous month. Prices climbed 8.2% on an annual basis.

From what I have been able to find out, The standard monthly premium for Medicare Part B enrollees will be $164.90 for 2023, a decrease of $5.20 from $170.10 in 2022. After the big jump last year, this is good news.

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7 Responses to Social Security Announces Cost of Living Adjustment for 2023

  1. Pa Hermit says:

    Someday Stella, I’ll be able to utilize that Medicare B stuff. I retired 2 Augusts ago and I’m still denied that part B. Have part A but the hoops to jump through is unbelievable. On top of that I paid all my life into that baby! Yet those crossing illegally are given that as a gift! Ya can’t make this stuff up!

    Liked by 2 people

  2. weather257 says:

    $140?! One tank of gas in some cities! Doesn’t nearly cover increased food prices. How can our country survive another 2 years? And, there’s no guarantee we’ll get good leadership even then.
    My in-laws are celebrating their 92nd birthdays this fall [and still living in their own home], and I’m thinking their adult lives have been during the best decades in our nation.

    Liked by 2 people

    • Stella says:

      I figure my increase will be closer to $200. One thing about being retired is that I don’t drive very much. When I was working, I drove 40 miles to and from work.

      Liked by 3 people

      • The Tundra PA says:

        Mine will be about that much as well, Stella. Along with not driving, the thing I love about being retired is not having to get up early in the morning. I’ve never been a morning person, and as soon as I stopped working I “retired” the alarm clock as well. I know many retired people who still get up at 6 every morning because that is what they’re used to. But I think they were always morning people anyway.


  3. auscitizenmom says:

    It will help a little.

    Liked by 1 person

  4. Jackphatz says:

    I’m happy for the increase but we all know this is just a drop. I’m shocked we didn’t get screwed with the insurance premium.

    Here’s a calculator.


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