Retirees who are receiving social security and Medicare benefits will have a little more in their checks, starting in January. The Social Security Administration announced adjustments for 2014 on Oct. 30.
Social Security retirement benefits will increase by 1.5 percent, one of the lowest increases since Cost of Living Adjustments began in the 1970s. This “raise” means that an individual who received $1,000 monthly from Social Security will receive $1,015 beginning in January.
On a happier note, SSA also announced that the premium for Medicare Part B, which covers doctor and outpatient services, will remain the same for 2014. Most people, except for those with very high annual income, currently pay $104.90 a month for this coverage. Holding the line on Part B premiums means that the complete Cost of Living Adjustment in retirement benefits will be included in monthly payments.
More online at www.MauryRiverSeniorCenter.org.
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