Social Security COLA increasing by 2.5% in 2025, but higher Medicare premiums offsetting benefits

From “Nasdaq”: 2024-12-14 18:30:00

Social Security beneficiaries will receive a 2.5% cost-of-living adjustment in 2025, but Medicare Part B premiums are also increasing, impacting the actual benefit amount received. Premiums for Part B coverage will rise from $174.70 to $185.00 next year, affecting individuals based on income thresholds. Seniors should plan for higher Medicare costs and adjust budgets accordingly. It’s essential to have a budget in place to cover rising expenses and understand how far Social Security checks will go. Consider other government benefits or part-time work to supplement income if needed.

Additionally, retirees should be aware of maximizing Social Security benefits to ensure a boost in retirement income. Little-known “Social Security secrets” could potentially increase annual income by $22,924. Learning how to maximize benefits can provide peace of mind for retirement. Consider exploring strategies to optimize Social Security benefits for a secure retirement.



Read more at “Nasdaq”: Your 2025 Social Security Cost-of-Living Adjustment (COLA) Might Not Go as Far as You Expect. Here’s Why