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2024 COLA: Don’t forget about Medicare premiums!
The 2024 Social Security cost-of-living adjustment (COLA) announced last week has garnered quite a bit of attention in the media, both positively (it will help beneficiaries recover some of the ground lost to inflation) and negatively (the 3.2% bump is not going to cover all the lost ground, and it’s a significant drop from last year’s +8.7% adjustment). Also lost in the hoopla is the fact that many beneficiaries will see less than the 3.2% after factoring in the $9.80 increase in Medicare Part B premiums. A post by The Motley Fool’s Keith Speights provides an analysis of this picture, and will help beneficiaries get a clearer perspective on their monthly benefit come January. Check it out here.