Inflation is on the rise, affecting millions of retirees who rely on government benefits to make ends meet. For Social Security recipients, a projected 2.7% raise in benefits next year may seem like a welcome relief. However, this increase comes with a caveat – Medicare Part B premiums are expected to surge by more than usual, which could offset the benefits for many older adults.
The impact of inflation on retirees is significant, as it directly affects their purchasing power and ability to afford essential expenses. As prices rise, benefits that were previously enough may no longer be sufficient, forcing retirees to make tough decisions about how to allocate their limited resources.
Source: https://www.barrons.com/articles/inflation-retirees-social-security-cola-88b1aa91