Older Americans started 2023 with a trifecta of good news: bigger Social Security benefits, lower Medicare premiums, and easier access to Medicare enrollment. Social Security benefits increased by 8.7% in January as a result of the largest cost-of-living adjustment in more than 40 years. It’s not necessary to claim Social Security benefits in 2023 to cash in on the huge annual increase. Anyone who’s 62 or older and eligible to receive Social Security in 2023, meaning anyone born in 1961 or earlier, will profit from the 8.7% COLA. Not only did Social Security benefits increase this year, but Medicare Part B premiums, which are usually deducted directly from Social Security payments, declined for the first time in more than a decade, Most Medicare beneficiaries pay the standard Part B premium of $164.90 per month in 2023, down slightly from the $170.10 per month they paid last year, but some high-income retirees pay more. New Medicare enrollment rules also took effect in 2023. Click to read more on these items as well as the New Medicare enrollment rules.
https://www.investmentnews.com/whats-new-for-social-security-and-medicare-this-year-232926