Despite the apparent good news that Social Security recipients are scheduled for a 1.7 percent cost of living adjustment next year, critics are already suggesting the boost will be immediately offset by a Medicare Part B premium increase.

It's a one-step-forward, two-steps-back scenario that critics say paints a picture of what the future of retirement will be like for many Americans, as those gradually increasing health care costs continue to eat away at their limited retirement resources.

"This reflects the growing trend of health-related expenses eating into retirement income," said IRI president and CEO Cathy Weatherford, in a release. "The cost of health care is a real risk that can jeopardize one's retirement security. Consumers need to develop a plan with a financial advisor that includes a strategy to cover basic living expenses as well as medical expenditures."

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