As we begin to look ahead to next year, Social Security has announced their new cost of living adjustments for the upcoming year.
Jack Myers with Social Security says next year there will not be an adjustment in their cost of living. He says it is based off of inflation that is gauged by the consumer price index.
Myers indicates anyone receiving social security or Medicare Part B, your premiums are not going to increase. He explains there are some cases where premiums could increase.
Myers feels most people utilizing social security would like to see their cost of living increase, however, he says, you can also view it as there are the other positive aspects to not having inflation across the country.