Older adults could receive an increase in Social Security payments as inflation continues to rise.
According to a Sept. 13 release, the Senior Citizens League, an advocacy group for older adults, expects the cost-of-living adjustment for next year to be 8.7 percent, based on the consumer price index. This would be the largest cost-of-living adjustment ever received by most Social Security beneficiaries, the league said, and the highest increase since 1982.
The Social Security Administration is expected to announce the adjustment for 2023 in October, after September inflation data is released.
Many Social Security beneficiaries see a large portion of their Social Security cost-of-living adjustments go toward Medicare Part B premiums. These premiums are often automatically deducted from Social Security benefits.
Recipients could receive more cash from the 2023 adjustment, as experts predict Medicare Part B premiums will rise modestly or stay the same next year, The New York Times reported. reported.
"Seniors are so accustomed to the Part B premium consuming so much of the COLA — I think they're in for a pleasant surprise this year," Mary Johnson, a policy analyst for the Senior Citizens League, told The Times.