The 2.5% cost of living adjustment reflects a steady decline in inflation. However, it looks like we’ll be paying almost 6% more for Medicare Part B! That doesn’t mean you’ll see a smaller SS check in January, but if you’re wondering how this will affect you, Peter with Richon Planning 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? -How will this COLA affect the taxes we pay on our SS benefit? If you have any questions about when you should claim Social Security or how to pay for Medicare, please reach out to Peter for a complimentary consultation by calling (919) 300-5886 or visit www.RichonPlanning.com
Social Security COLA up 2.5% for 2025… but Medicare Part B Projected to Jump 5.9%!
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A fundamental understanding of the different options you have available with your money will help you make more effective decisions about your placement of savings and investments, and what each dollar’s job is for you.
