“The COLA applied to beneficiaries’ checks starting in January of 2025 will be calculated and announced in October of 2024,” says Martha Shedden, president and co-founder at the National Association of Registered Social Security Analysts. The increase can help battle inflation and try to retain purchasing power, but other costs offset the benefit of your Social Security benefits. “Medicare Part B premiums have the largest impact on the net amount of retirees’ Social Security income since those premiums are deducted from the Social Security checks,” says Shedden.
Published by Pamela Kweller, RSSA®
Pamela Kweller is the Content & Community Manager at RSSA. She is also certified as a Registered Social Security Analyst®. The mission of RSSA is to help Americans get the maximum Social Security income they have earned, enabling them to enjoy their lives more fully. Contact Pamela: pkweller@rssa.com View more posts