According to the Bureau of Economic Analysis, inflation impacted heavily on US economy in 2022

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The Bureau of Economic Analysis also mentioned that the personal saving rate dropped to 3%, the lowest in 14 years.

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Life of retirees who depend mainly on social security income becomes more difficult due to this inflation.

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Luckily, 3 BIG CHANGES in Social Security Benefits are going to come in 2023 to help retirees to fight against inflation

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Get the most out of your retirement benefits

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HUGE INCREASE IN COLA

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Inflation hit 40 year high in 2022, to compensate for this SSA raised COLA 2023 to 8.7% , highest in 40 years.

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So this COLA raise will increase social security benefits annually by $1800 and monthly by $150 approximately.

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REDUCED MEDICARE PART B PREMIUM

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Social Security recipients older than 65 will be enrolled in Medicare Part A and Part B automatically.

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Medicare Part A is inpatient insurance and Medicare Part B is outpatient insurance.

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Medicare Part A is FREE for most of the recipients who already paid Medicare taxes for at least 10 years.

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Medicare Part B Premium is usually deducted from Social Security Benefits on Monthly basis.

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According to the Center for Medicare and Medicaid Services, this Medicare Part B Premium is going to be decreased by 3% to 164.90 in 2023.

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INCREASE IN RETIREMENT EARNING LIMIT

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Currently, the earning limit for working individuals under FRA is $19,560.

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And the earning limit for working individuals who reached FRA is $51,960.

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These limits will be increased every year. As per the records, 2.9% increased every year over the past decade.

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If the same trend continues the lower limit will become $20,135 and the upper limit will become $53,490.

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This earning limit increase could add some extra income to working individuals who are claiming social security benefits.

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