This year’s 8.7 percent COLA has Social Security recipients excited.
But are some seniors missing out?
It’s a possibility, and it has to do with how benefits are calculated. Essentially, if you took Social Security early and are just signing up for Medicare Part B in 2023, the premiums could eat into your payment — which would already be on the low end from claiming early.
It’s important to note these specifics as it pertains to calculating your benefit. Payment amounts are determined by a variety of factors including work history, income, and more. If you want to maximize your COLA, it’s another reason to consider waiting to claim your benefits.
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