Anne Tergesen
speaker
4,485 appearances
83 recordings
1 series
first heard Jul 2017
last heard Feb 2025
Anne Tergesen’s voice in public audio — every appearance, attributed to the second.
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Well, there's no guarantee that it's going to keep up.
So what it does is it gives you an increase based on where the index is today compared to where it was a year ago.
But, you know, the actual inflation rate in 2023 may be different from, you know, sort of the increase that they're giving you based on data as of today.
So what we saw in this current year for 2022 was that the Social Security COLA cost of living increase was 5.9 percent.
In fact, the inflation rate for much of this year has been higher than that.
You know, so that COLA failed to keep people up with inflation this year.
But, you know, but now we're getting a bigger increase that will in some ways make up for that.
Right.
So this is more good news for people who are on Medicare, actually, is that the Medicare Part B premium, which covers doctor's visits and outpatient care, that premium is actually going down next year, which is very atypical.
It normally goes up.
And so next year, the current Part B premium is about $170 a month.
That's the standard premium.
It's going to go down about $5 per month to about $165 a month next year.
A lot of people deduct their Medicare Part B premiums from their Social Security.
And so some people who are on Social Security often complain that, you know, they don't really see much of a cost of living increase because what ends up happening is that often the Medicare premiums go up by more than the COLA.
And so, you know, to some degree, the COLA is eaten up by the increase in Medicare premiums.
Well, that's not going to happen next year.
So people are going to be able to keep this entire COLA in their Social Security check, plus the savings, the $5 a month savings on Medicare premiums next year as well.
So it depends on the individual and it depends on your situation.
In general, for people who have $25,000 of income or above or couples with $32,000 of income or above, they, in theory, pay income taxes on a portion of their Social Security benefits.
Showing 1321–1340 of 4,485 · page 67 of 225
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