One of Social Security's biggest benefits is that its payments receive annual subsistence adjustments (COLAs)

These COLAs lead to increased monthly checks the following January to help keep retired purchasing power moving.

2022's COLA up 5.9% in profit this year, and early estimates make it likely

That the COLA that takes effect in early 2023 will be between 8% and 9%.

That's because the impact of another major program for older Americans, Medicare,

This time last year there is a possibility of reversing the traumatic trauma suffered by the participants.

How Medicare took away a big chunk of the 2022 Social Security COLA

For the typical Social Security retiree, the upward adjustment raised the average benefit from about $90 to $1,614 per month.

Medicare Part B premiums jumped 12.7% in 2022 from $148.50 in 2021 to $170.10 this year.

However, even those who were eligible for those benefits did not see that much increase in their actual checks.