Social Security Recipients May Keep Their 2023 Pay Increase

About 70 million Americans had a boost in benefits as a result of the 5.9% COLA that went into effect at the start of 2022. 

The upward adjustment increased monthly payments for the typical Social Security retiree by nearly $90 to $1,614 per month.

However, even individuals who qualified for such benefits didn't saw a significant increase in their real paychecks. 

This is due to the fact that the Social Security Administration automatically deducts Medicare premiums from beneficiaries who have signed up for the program.

The cost of Medicare for seniors increased significantly in 2022. In 2022, the cost of Medicare Part B increased by 12.7%, from $148.50 to $170.10 from the previous year.

The Aduhelm Alzheimer's medicine from Biogen, according to the Centers for Medicare and Medicaid Services, is the main cause of the surge. 

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