With the announcement of the 2023 COLA, many senior citizens are excited about the cost-of-living adjustment raise. The 8.7 percent increase will begin for the more than 65 million Social Security recipients starting January 2023.

This year’s increase is particularly noteworthy. As this article notes, Social Security Administration (SSA) Acting Commissioner Kilolo Kijakazi stated, “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. 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.”

Social Security is an essential portion of many retirees’ income. Here at Senior Security Alliance, we not only want to secure this essential income for all retirees but enhance it to allow for more financial security. To learn more about Social Security, changes that could impact the program, and more follow us on Facebook and Twitter.