The Social Security cost-of-living adjustment (COLA) will be 8.7 percent for 2023, the highest increase in 40 years, according to a Thursday announcement from the Social Security Administration.
That increase tops the 5.9 percent adjustment that was implemented in 2022, which at the time was the highest in decades, amid surging inflation. The last time the Social Security Administration announced a higher COLA was in 1981 when an 11.2 percent increase was issued. And in 1980, the COLA increased by a massive 14.3 percent, data shows.
“Medicare premiums are going down and Social Security benefits are going up in 2023, which will give seniors more peace of mind and breathing room,” Social Security Administration head Kilolo Kijakazi said in a statement. “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.”…