Washington, D.C – Today, U.S. Senate Special Committee on Aging Chairman Bob Casey (D-PA) applauded the Biden Administration’s announcement to provide seniors with an 8.7% cost-of-living increase in Social Security benefits. As costs continue to rise, this is the largest increase in Social Security benefits since 1981.
“As prices continue to rise and seniors’ budgets are being stretched thinner each month, this historic increase meets the moment. Social Security is a sacred commitment to our seniors and this increase will provide more seniors with financial security as they age. From strengthening Social Security to finally allowing Medicare to negotiate drug prices, Democrats are doing everything in their power to help American seniors afford everyday items, from their groceries to their prescriptions.”
The 8.7 percent cost of living adjustment will be applied Social Security benefits starting in January 2023, and builds on the 5.9 percent increase for 2022. Additionally, Medicare Part B premiums will decrease next year, helping seniors better afford their health care.