Social Security Recipients to Receive Nearly 9 percent Increase

70 million Social Security recipients will be receiving an 8.7 percent boost in their monthly benefits beginning in 2023. Increased payments to more than 7 million SSI beneficiaries will begin on December 30, 2022. 

The boost in benefits is the largest increase in 40 years and comes as inflation is causing many retirees to struggle to pay for basic needs. The COLA is coupled with a 3 percent drop in Medicare Part B premiums

“This year’s substantial Social Security cost-of-living adjustment is the first time in over a decade that Medicare premiums are not rising and shows that we can provide more support to older Americans who count on the benefits they have earned,” Social Security Administration’s Acting Commissioner Kilolo Kijakaz told the AP.

Social Security is financed by payroll taxes collected from workers and their employers. The maximum amount of earnings subject to the Social Security tax will also increase to $160,200.