Posted on 11 October 2012
By Mark Miller
Last October seniors got some really good news about their Social Security cost-of-living adjustment. This October? Not so much.
This year seniors have benefited from the robust 3.6 percent 2012 Social Security cost-of-living adjustment (COLA). Adding to the good news, they learned Medicare premiums wouldn’t take much of a nick out of their inflation raise.
Next year, the Social Security COLA for 2013 is expected to be 1.4 percent – and for many seniors, much of that will be eaten up by a higher Medicare Part B premium.
We won’t get the final word on the 2013 Social Security COLA until October 16, after the Bureau of Labor Statistics (BLS) releases inflation numbers for September. But it’s not looking good for retirees on a fixed income.