The Social Security Cost of Living Increase Is the Biggest in Decades

By Eric Rosenberg, WCI Contributor

Every year, the Social Security Administration updates recipient benefits based on various factors, namely inflation. When the cost of living increases in the United States, Social Security benefits follow suit through an annual cost of living adjustment (COLA). For 2023, the Social Security benefits increase is the biggest we’ve seen in 40 years, with an 8.7% annual increase.

“Medicare premiums are going down and Social Security benefits are going up in 2023, which will give seniors more peace of mind and breathing room. This year’s substantial Social Security cost-of-living adjustment is the first time in over a decade that Medicare premiums are not rising and shows that we can provide more support to older Americans who count on the benefits they have earned,” Acting SSA Commissioner Kilolo Kijakazi said in a statement.

If you’re a retired medical professional or a doctor planning on Social Security in retirement, here’s how this…

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This article was written by Josh Katzowitz and originally published on