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Changes coming for Social Security, Medicare and retirement savings

Changes are inevitable with each new year, and 2020 will be no different. And while most of the coming changes will be positive, another might offset one of the other benefits. Case in point is that those on Social Security will receive a 1.6% cost of living adjustment (COLA) in their Social Security benefit, but Medicare Part B premiums are also going up which may eat into that COLA increase. In any case, it should be a net positive change for you, especially with the new rules regarding retirement savings, which will allow you to save more for your “golden years.”  In this CNBC article by Lorie Konish, the author describes the forthcoming changes and how they may affect you. Click here to read more.

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