Did you know that Social Security recipients will soon be receiving an increase to their monthly payments? In 2023, Social Security benefits will increase by nearly 9%.
- More than $140 per month on average
- Medicare Part B premiums decreasing
- Benefits could help offset high costs
- Largest increase in four decades
Updates to your benefits will typically be sent via mail. However, if you would like to figure out how much you’ll get even sooner, you can follow these steps:
- Visit ssa.gov/myaccount
- Opt to receive text or email alerts for messages from Social Security
- Check for Medicare changes at medicare.gov
Enrolling later in the year? If you’re over the age of 62 and you’re not receiving these benefits, you will receive the cost-of-living adjustment when you begin to receive the benefits.
- Delaying benefits can increase monthly check sizes
- Financial planners recommend waiting if possible
- Not everyone is able to wait, so factor in personal health and budget