The 3.2% cost-of-living adjustment (COLA) reflects another year of high inflation. However, we now know we’ll be paying almost 6% more for Medicare Part B! That doesn’t mean you’ll see a smaller Social Security check in January, but if you’re wondering how this will affect you, Sean and Erin Kennedy walk through these questions:
-Does the COLA affect when we should claim our Social Security benefits?
-How does this jump in the cost of Medicare Part B affect my Social Security check?
-Does this COLA increase affect the program’s insolvency?