Social Security Recipients to Get an Increase by 8.7% in Cost-of-Living

This coming year, if you are a Social Security recipient you can expect to receive an annual cost-of-living adjustment (COLA) of 8.7%. This increase will boost the retiree’s monthly payment by $146 in 2023, the biggest adjustment seen since the ’80s. This increase aims to help Social Security recipients combat the high inflation that has been plaguing the US since last year.  While it is still too early to tell if this adjustment will be enough to keep up with inflation, it is certainly a good starting point. In addition to this increase in cost-of-living payments, the Centers for Medicare and Medicaid Services announced last month that Medicare recipients will also benefit by seeing their Medicare Part B premiums decrease