WASHINGTON Social Security s cost of living adjustment, otherwise known as the COLA, for 2023 is expected to be around 9% or even higher, the highest in 40 years, analysts estimate. It will be announced Thursday morning. Coupled with a decline in Medicare Part B premium, the Social Security COLA will put more money in the hands of the 70 million Americans who receive benefits, including the growing number of grandfamilies like 70-year-old Cassandra Gentry s. According to the U.S. census, in 2020, there were about 2.4 million grandparents responsible for their grandchildren.
Social Security’s cost of living adjustment, otherwise known as the COLA, for 2023 is expected to be around 9% or even higher, the highest in 40 years, analysts estimate. It will be announced Thursday morning. About 4 million children receive benefits, and an untold number of others also will be helped because they’re being cared for by Social Security beneficiaries, sometimes their grandparents.