For the first time in three years, there will be a cost-of-living increase in checks issued by the Social Security Administration. It is expected that the agency will announce a 3.5% raise in payments to seniors.
The bad news? A good chunk of this raise is likely to be offset by a jump in the Medicare Part B premium for roughly 75% or so of Medicare beneficiaries who are not low-income”dual eligibles” or high-income beneficiaries that already pay an additional premium.
A good explanation of the more complex aspect of this issue can be found here.