COLA increase probable, but don’t count on getting the whole thing
Although the final numbers won’t be known until October, the current inflation trend points to a Cost of Living Adjustment (COLA) of about 2% for next year. But don’t count on seeing the whole amount of the increase because, with rising healthcare costs, Medicare premium increases are likely to cut into the additional Social Security benefit you may receive. This Reuters article by Mark Miller explains how any COLA increase will be offset by higher Medicare premiums, and also discusses the general trend of Social Security recipients losing buying power, largely due to healthcare costs. Click here to read more.