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Social Security COLA increases 5.9%, but inflation and Medicare Part B complicate the matter

Social Security card.

With the new year, Social Security beneficiaries are seeing the biggest cost-of-living adjustment in decades. It's a 5.9% increase, which amounts to about $92 extra per month for the average beneficiary.

Despite this increase, retirees still could find it challenging to make their monthly checks stretch. With inflation continuing to drive up consumer prices, and standard Medicare Part B premiums rising by 14.5% this year, it will limit just how much more beneficiaries could see in their monthly checks.

Joining Cincinnati Edition to discuss what's behind the COLA increase and what should be done to help seniors get the most out of their benefit are Wells Fargo Advisors Senior Vice President and Investment Officer Chris DeSimio; and National Committee to Preserve Social Security and Medicare Director of Government Relations and Policy Dan Adcock.

Listeners are reminded that the information provided on the show is general in nature and may not apply to your personal investment situation.

Listen to Cincinnati Edition live at noon M-F. Audio for this segment will be uploaded after 4 p.m. ET.

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