Social Security benefits to jump by 8.7 percent next year

The boost in benefits will be coupled with a 3 percent drop in Medicare Part B premiums, meaning retirees will get the full impact of the jump in Social Security benefits.

The Social Security Administration’s Acting Commissioner Kilolo Kijakazi said combined with Medicare premiums going down in 2023, the Social Security benefit increase, “will give seniors more peace of mind and breathing room.”

“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,” she said.

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