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When the government announces the cost-of-living adjustment for Social Securitybenefits next month, the increase will be at or near1.6%, according to The Senior Citizens League.
A 1.6% COLA would be sharply below this year's 2.8% and thesmallest hike since 2017. The estimated change would boost theaverage retiree benefit by $23, almost half the $39increase last year, to $1,484. It would also eat up close to 40% ofthe almost $9 increase in Medicare Part B premiums that theMedicare Trustees Report preliminarily estimated in April.
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Bernice Napach
Bernice Napach is a senior writer at ThinkAdvisor covering financial markets and asset managers, robo-advisors, college planning and retirement issues. She has worked at Yahoo Finance, Bloomberg TV, CNBC, Reuters, Investor's Business Daily and The Bond Buyer and has written articles for The New York Times, TheStreet.com, The Star-Ledger, The Record, Variety and Worth magazine. Bernice has a Bachelor of Science in Social Welfare from SUNY at Stony Brook.
