Social Security Checks Set for Their Biggest Raise in Decades

Also: 6 Best Credit Cards of October 2022
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October 18, 2022
Retire with Money

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.

— Jill Cornfield, deputy editor

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Timely Retirement News, Insights and Advice

 

What’s more enticing, corporate documents or The Vampire Diaries? The answer’s obvious, but follow along with editor Julia Glum as she pores over some less-than-mesmerizing reading in an attempt to become a smarter investor and glean some tips to make her more money.

 

Cryptocurrency is coming to the oldest U.S. bank in what experts are calling a major milestone that adds an "aura of legitimacy" to the crypto industry. Select clients of Bank of New York Mellon can now hold and transfer bitcoin and ether via the bank's platform.

 

As inflation increased yet again in September, costs in certain spending categories, ranging from pet food to car insurance, shot up at a much faster rate than overall price growth. The latest numbers from the federal government show consumer prices for goods and services are up 0.4% from August to September, indicating that the Federal Reserve’s interest rate hikes haven’t halted inflation yet.

 

Here are Money’s picks for the best credit cards of 2022.

 

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Is Now the Time to Buy Alternative Investments?
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Gifting to Family and the Taxes that Come With It
THE RETIREMENT TAX PODCAST
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