ADVERTISEMENT

Social Security benefits to jump by 8.7% next year

cigaretteman

HR King
May 29, 2001
77,133
58,314
113
Millions of Social Security recipients will get an 8.7% boost in their benefits in 2023.
That’s a historic increase and welcome news for American retirees and others — but it’s tempered by the fact that it’s fueled by record high inflation that’s raised the cost of everyday living.

The cost-of living adjustment means the average recipient will receive more than $140 extra a month beginning in January, according to estimates released Thursday by the Social Security Administration.


The boost in benefits will be coupled with a 3% drop in Medicare Part B premiums, meaning retirees will get the full impact of the jump in Social Security benefits.

The Social Security Administration's Acting Commissioner Kilolo Kijakazi said combined with Medicare premiums going down in 2023, the Social Security benefit increase, “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,” she said.

 
Wow, absolutely ridiculous. Complete horseshit that people who actually work don’t see real wage growth yet the government rewards those who do nothing with an increase that matches CPI.
 
If your employer is not getting you real wage growth whine to them. Or get a new job.
They are. The handout recipients can go f themselves when payroll taxes cover for them. Oh, and one more thing- this massive increase is just going to make inflation that much worse.
 
Do nothing... Except work for 42 years and pay in every two weeks to social security. Getting it back now is my money.
It’s nothing more than a Ponzi scheme. Guess what? People my age know damn well it will have collapsed by the time we can dupe younger idiots into paying for us.
 
They are. The handout recipients can go f themselves when payroll taxes cover for them. Oh, and one more thing- this massive increase is just going to make inflation that much worse.
Not true. Will barely tip inflation. Try doing some research on that, vs typical uneducated gut reaction. There is sufficient study on that that has come out in the past month showing this. Some from the federal govt itself. Educate yourself.
 
Not true. Will barely tip inflation. Try doing some research on that, vs typical uneducated gut reaction. There is sufficient study on that that has come out in the past month showing this. Some from the federal govt itself. Educate yourself.
Oh really? The feds say it won’t increase inflation. Well, I change my mind then… El oh el.
 
They are. The handout recipients can go f themselves when payroll taxes cover for them. Oh, and one more thing- this massive increase is just going to make inflation that much worse.
Ummm...yeah...you do understand that their COLA last year was about a third of what inflation turned out to be...right? And in the past most, if not all, of their COLA was eaten up by increases in Medicare premiums. You knew that...lol, who am I kidding - of course, you didn't.
 
The boost in benefits will be coupled with a 3% drop in Medicare Part B premiums, meaning retirees will get the full impact of the jump in Social Security benefits.
In case anyone was wondering, in recent years much and sometimes all of the CPI adjustment to the SS benefit has been wiped out by Medicare Part B increases. Yes, you got an inflation adjustment, but you didn't actually see it.

So this is shaping up to be a real inflation adjustment, for a change. Of course it's also a year late (because that's how those things work).

What I do find puzzling is why the Part B cost is coming down. Anybody know? Pandemic-related?
 
  • Like
Reactions: sabula
Ummm...yeah...you do understand that their COLA last year was about a third of what inflation turned out to be...right? And in the past most, if not all, of their COLA was eaten up by increases in Medicare premiums. You knew that...lol, who am I kidding - of course, you didn't.
Sounds like a personal problem. Maybe work 20 hours a week somewhere. Can’t imagine complete unemployment is good for health. But we’ll keep encouraging it!
 
It’s nothing more than a Ponzi scheme. Guess what? People my age know damn well it will have collapsed by the time we can dupe younger idiots into paying for us.
You were the OP of the following thread correct?

 
In case anyone was wondering, in recent years much and sometimes all of the CPI adjustment to the SS benefit has been wiped out by Medicare Part B increases. Yes, you got an inflation adjustment, but you didn't actually see it.

So this is shaping up to be a real inflation adjustment, for a change. Of course it's also a year late (because that's how those things work).

What I do find puzzling is why the Part B cost is coming down. Anybody know? Pandemic-related?
Part B is coming down due to the fact it went up last year based on an incorrect assumption of a new drug coming out affecting seniors. Maybe an Alzheimer's drug? I don't quite remember. But that drug never made it to the market so the increase in part B premiums were really for nothing. They're being readjusted down to account for the fact that this drug never had an impact.
 
ADVERTISEMENT