When we think of once-in-a-lifetime instances, they’re rarely associated with retirement savings.

Some people are fortunate enough to see a rare comet flying by. Others bump into their identical (though unrelated) twin. These occasions may be scarce, but so is a possible upcoming change to retirement.

In 2023, retirees could witness a combination of factors that experts say may never come again. Will this converging of retirement boosts make a massive difference in your future?

These Factors Could Make Retirement Life Easier for Some Seniors

Every senior’s situation is unique in terms of their finances, savings, and needs. But if there’s one thing every senior has in common, it’s this — they deserve a fair yearly Cost-of-Living Adjustment (COLA).

Not only could 2023 see a record boost in benefits, but it could bring a rare decrease in Medicare Part B premiums. Since seniors are known to have higher medical costs, this combination of factors could help with retirement savings. We’ve previously discussed how inflation and medical costs are a double-threat to retirement.

It will be nice if seniors can enjoy the chance to save some money during this tough economic time. Given this situation may never come again, it’s a cause for retirees to celebrate. However, there are still some concerns.

Inflation is hitting seniors hard. There’s also the matter of higher tax burdens on higher benefits. Like we said, the finances of every senior are different, so some people will struggle more than others. But if there’s one cause that unites us all, it’s campaigning for yearly COLAs and reimbursement for years skipped.

Want to Increase Your Retirement Savings in 2023?

When you support our campaign to make your voice heard on this issue, you show our elected leaders in Washington that seniors are serious about getting what they deserve. We hope you’ll work with us to make yearly record COLAs a tradition.

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