Industry News

On October 13, 2022, the Social Security Administration (SSA) announced an 8.7% cost-of-living adjustment (COLA) to benefits for 2023. This is the largest COLA in 40 years and the first time in over 10 years that Social Security increases have not been eroded by Medicare premiums. (In September 2022, Medicare announced that Part B premiums would be 3% lower in 2023.)

The 8.7% COLA will begin in January 2023 with benefits payable to more than 65 million Social Security beneficiaries. On average, Social Security benefits will increase by more than $140 per month starting in January. Social Security COLAs are based on changes in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), updated monthly by the Department of Labor’s Bureau of Labor Statistics (BLS).

Further information is available here.