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Social Security cards (Photo: Shutterstock)

When the government announces the cost-of-living adjustment for Social Security benefits next month, the increase will be at or near 1.6%, according to The Senior Citizens League.

A 1.6% COLA would be sharply below this year’s 2.8% and the smallest hike since 2017. The estimated change would boost the average retiree benefit by $23, almost half the $39 increase last year, to $1,484. It would also eat up close to 40% of the almost $9 increase in Medicare Part B premiums that the Medicare Trustees Report preliminarily estimated in April.

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