The 2023 Cost-of-Living Adjustments (COLA) by the Social Security Administration (SSA), boosted the average beneficiary check about $28.00 a month, or $336 a year. The increase is the largest since the 3.6% hike in 2023 compared to the minuscule .3 % increase in 2023. and no raise at all in 2015.The millions of people who depend on Social Security for all or most of their income, will find that their COLA increase will not do much if anything to cover the soaring costs of prescription drugs, medical care, and nearly doubled housing increases.In spite of relatively stable inflation levels, those on fixed incomes and those who are struggling to make ends meet are especially feeling the pinch. Electric rates have increased an average of about 3.5% percent compared to 2023. and prescription drug prices are increasing even faster, now about 12%. COLA is based on increases in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the third quarter of the prior year to the corresponding quarter of the current year in which the COLA became effectiveThe 2023 COLA could result in higher Medicare Part B premiums. The standard premium is now $134 a month, but participants could pay less if they have the fee automatically deducted from monthly benefit payments. There is a u201chold harmlessu201d provision in federal law which prohibits Medicare premiums cannot reduce your Social Security benefits. So, like mine, your raise could be all going to your Medicare premium and what you receive remains the same. My benefit amount has been the same since Jan 2023 but my Medicare premium has raised twice. In reality, most Medicare beneficiaries are held harmless due to this 2% raise, your premium is raised only to the point where it does not reduce your monthly benefit amount. Compare last yearu2019s benefit statement with your new 2023 benefit statement. Your Medicare premium is probably different so your 2% raise is reflected totally in your Medicare premium.In 2023. the COLA is large enough to allow for an increase in premiums. There are many people who do not pay the full $134 premium because of the hold-harmless provision. The increase in premiums that some beneficiaries will see next month is an unfortunate side effect of not having a substantial Social Security COLA adjustment recently.Nancy Altman, president of Social Security Works, a nonprofit advocacy group says, u201cItu2019s long past time for Congress to update the formula used to calculate the yearly COLAs so that it reflects the real expenses that seniors and Americans with disabilities face every day.u201d[1]Although my 2% COLA increase, will go to Medicare and not in my pocket, that increase is not a lot of money compared what Iu2019d have to pay out-of-pocket without Medicare as secondary payer due to my serious health issues. I will remain appreciative for my little drop in the bucket because I fear it is not long before it is taken to offset the 1.5 trillion budget deficit. Who better to take from, the weak little guys that fight for life every day and are least worried about their hobbies when they are struggling just to breathe and regularly hope for a break regarding their health or their childrenu2019s health.Footnotes[1] Social Security checks finally get an increase, but itu2019s still not enough