In a recent article published by Retirement Daily, Heather Schreiber, founder of HLS Retirement Consulting, provided expert commentary on the major 8.7% increase in Social Security and Supplemental Security Income benefits for 2023. This adjustment, affecting approximately 70 million Americans, marks the largest Cost of Living Adjustment (COLA) since 1981. Schreiber highlighted that the average monthly income benefit will see an increase from $1,674 to $1,820, providing relief for many in covering daily expenses. She also noted a rare decline in Medicare Part B premiums from $170.10 in 2022 to $164.90 in 2023. Despite these increases, Schreiber advises that these changes should not cause eligible filers to rush to claim their benefits early. The COLA will automatically be applied, so delaying claiming until full retirement age or later often makes more financial sense in the long term.
The Impact of the 8.7% Social Security Increase
Retirement planning is better together! Share this with your friends and family.
Stay ahead of the curve with Social Security Advisor.
A companion resource to Ed Slott's IRA Newsletter, this is the go-to "all things Social Security" newsletter and reference tool for financial professionals. Providing practical applications to commonly asked and misunderstood claiming rules, Social Security Advisor is a must-have for any financial and tax professional who wants to add value to their financial and tax planning process.
