The United States Social Security Administration announced Thursday an 8.7 percent cost-of-living adjustment for seniors in 2023.
According to a press release, the COLA will increase Social Security for more than 1.2 million Virginians.
U.S. Rep. Abigail Spanberger of Virginia released a statement about the COLA increase.
“This increase in benefits — coupled with the recently announced decrease in the Medicare Part B premium — responds to the financial concerns I hear from Virginia seniors and their families. And in tandem with giving Medicare the power to negotiate drug prices, this adjustment should provide extra relief,” Spanberger said in the press release. “Higher costs are creating uncertainty for the budgets of many Virginians, and straightforward actions like today’s announcement will make sure our seniors can not only afford to keep a roof over their head and food on the table — but also keep more money in their pockets and maintain peace of mind during their golden years. We must do more to help address inflation, lower costs for seniors and families, and make sure Virginians can have a stronger future here in the Commonwealth. That’s why I continue to look for new and effective ways to lower costs at the grocery store, the gas pump, and the pharmacy counter for every Virginian.”
COLA is currently based on the rate of inflation.
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Rebecca Barnabi
