Social Security 2023 COLA Increase Kicks In
While you probably already found your notice in the mail, you may be curious about the COLA increase happening for Social Security recipients in the New Year. Starting in January, beneficiaries will see an 8.7% increase to help offset inflation and its effects on day-to-day costs.
This means a $146 increase in the monthly benefit for most retirees. Meanwhile, Medicare Part B premiums will shrink back about 3% to $164.90, down $5.20 from last year; since these premiums are typically taken from Social Security benefits, that also bumps up the monthly payout.
While many retirees rely on Social Security for a significant portion of their retirement income, it’s important to remember those who collect payments while still earning income from work or some other source. Those still earning such income may want to consider adjusting their tax withholding.
Mary may be reached at (520) 495-2800 or Mary@schulzfinancialgroup.com.
Schedule an appointment with me by clicking here: https://go.oncehub.com/MarySchulz
For your convenience, we offer in-person, virtual, or phone meetings to suit your needs.
Securities and advisory services offered through LPL Financial, a Registered Investment Advisor, Member FINRA/SIPC.
This material was prepared by MarketingPro, Inc. for use by Mary Schulz