Social Security Recipients Get 8.7% Cost of Living Increase
Retiree’s will see a boost of 8.7% to their annual Social Security payments next year, following a 5.9% annual increase this year. It is the highest adjustment beneficiaries have seen,
reflecting the 40-year high inflation of our current economy. Additionally, Medicare Part B premiums will see a decrease at the start of 2023, which marks the fourth reduction to
premiums since 1965. The monthly premiums will shed $5.20 from their annual rates.
Unfortunately, these Social Security payments are increasing at a pace too slow to keep up with skyrocketing inflation. Even with the boost, seniors who rely on social security have lost
upwards of 40% of their buying power since 2000, according to The Senior Citizens League case study. The issue with most adjustments, is that they fail to consider the amount of money
senior citizens put toward healthcare, which can be a majority of their spending, nor are they considering the cost of living for anyone over the age of 65.
With this increase, some seniors may be negatively affected, since the increase could disqualify them from government benefits, namely Medicaid, food stamps, or Medicare Extra
Help. They may also end up paying more in taxes and losing eligibility for essential additional
aid.
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