Social Security Checks Set for Their Biggest Raise in Decades

As the year starts winding down, retirees may be anticipating what the next year looks like. And there’s at least one bit of good news coming, starting in January: The increase for monthly Social Security benefits for 2023 is bigger than any in more than four decades.

Call it the lighter side of inflation. The higher cost of living means that the government calculated a raise in Social Security benefits, using the Consumer Price Index as a gauge.

It’s not just the 51 million or so retirees who’ll get this boost. The Social Security Administration also pays out monthly benefits to disabled workers, spouses and children of deceased workers, who will all get a boost in benefits too.

While not quite the 11% raise that was predicted earlier this year, the 8.7% hike for 2023 is certainly welcome. Remember, it’s on top of the 5.9% increase to 2022 benefits, which a year ago seemed like pretty big news. More good news for people living in retirement: Monthly premiums for Medicare Part B are dipping slightly next year, to $164.90, a decrease of $5.40.

Read our reporter Adam Hardy’s story on the gigantic boost to Social Security benefits here.