Social Security Benefits are Set to Increase in 2024
There is good news for Social Security recipients. Social Security benefits are set to increase next year by 3.2%. As you might know, Social Security is indexed to inflation, so as inflation rises, payments will track that. Since inflation over the last year has been roughly 3%, a 3.2% increase seems fair.
On the other hand, when you’re over 65 years old, you pay Medicare Part B premiums. We can expect a 6% increase in Medicare premiums. This doesn’t exactly equate dollar to dollar. Obviously, your Social Security payment is much larger than your medicare payment. For example, the base Medicare payment this year was $164 a month, and next year it will increase to $174 a month.
When you go through our financial planning process, Social Security Benefits and Medicare are things taken into account. We make assumptions considering that the increase in healthcare cost is larger than the increase in cost of living each year.
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