Largest increase in Social Security benefits is almost confirmed

The Social Security Benefits raise hugely depends on Inflation data

The Social Security Administration is waiting for September  Inflation data, to release the final benefits rate for 2023

Majority of the experts predicted that the COLA should be around 8.7%

Keep in mind,  last year COLA was raised around 5.9% to keep up with inflation

Retirees claiming Social Security benefits might also hold Medicare Policies

Retirees enrolled in Social Security benefits and also Medicare might see a surprise this time

Centers for Medicare and Medicaid Services (CMS) announced that there may be a drop in Medicare Part B premiums by 3% in 2023

So monthly Part B Premiums will drop from $170.10 to $164.90 per month from next year, 2023

Also the Annual deductibles will drop from $233 to $226 next year

For retirees enrolled in both Social Security and Medicare, Part B Premiums Debited from their Social Security Checks

So this is also one of the major factor which contribute to raise in Social Security benefits in 2023