The current average Social Security monthly check (among all beneficiaries) is now estimated at $1,827. If we take a look at last year’s average monthly payment of $1,681, we have a $146 increase.
New payments were issued starting in January 2023, and those who’ve started collecting Social Security benefits this year will see this reflected as well. Therefore, if you’re planning to start claiming retirement benefits this summer, expect a bump over previous projections.
In some cases, you may get a higher cost-of-living adjustment than 8.7% because Medicare Part B premiums went down as of January 2023. These premiums are automatically deducted from the Social Security benefits you receive, so you’ll have a lower amount taken out in 2023 compared with 2022 if you’ve already signed up for Medicare.
However, you may get a lower COLA than 8.7% if you’ve started claiming Social Security but aim to enroll in Medicare for the first time in 2023. Since the Part B premium will now be deducted from your monthly Social Security check, it could take away some of the 8.7% COLA.
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