Social Security COLA Jumps 3.2% for 2024... but Medicare Part B Jumps 5.9%!
The 3.2% cost of living adjustment reflects another year of high inflation. However, we now know we'll be paying almost 6% more for Medicare Part B! That doesn't mean you'll see a smaller SS check in January, but if you're wondering how this will affect you, Shane with Winston and Companies and Erin Kennedy walk through these questions:
-Does the COLA affect when we should claim our Social Security benefits?
-How does this jump in the cost of Medicare Part B affect my Social Security check? How does it affect IRMAA?
-Does this COLA increase affect the program's insolvency?
If you have any questions about when you should claim Social Security or how to pay for Medicare, please reach out to Shane for a complimentary consultation by calling 602-456-1928 or visit www.WinstonandCompanies.com
#cola #socialsecurity #irmaa #wealthmanagement #taxes #taxplanning