Social Security cost-of-living increase for 2023 of up to 9% or 10%, according to the AP.
“That’s something we may never see again in the rest of our lives,” Mary Johnson, the Social Security and Medicare policy analyst for The Senior Citizens League, told the AP. “That can really be used to pay off credit cards, to restock pantries that have gotten low because people can’t afford to buy as much today as they did a year ago and do some long-postponed repairs to homes and cars.”
The exact amount of the Social Security increase affecting 66 million Americans will be announced next month, the AP reports.
President Joe Biden spoke in the Rose Garden on Tuesday about the lower premiums and additional savings seniors will receive through coverage of vaccines due to the Inflation Reduction Act passed by Congress this year. That legislation also caps insulin copayments at $35 for Medicare recipients and eventually will lead to some lower drug prices.
“[To] millions of seniors and people with disabilities on Medicare, that means more money in their pockets while still getting the care they need,” Biden said.
For more on the costs of Medicare coverage, click here.