Yesterday, the trustees who oversee the Social Security program released projections that call for an increase in the cost of living adjustment (COLA) of 2.2 percent, which equates to about $30 a month for the average recipient. This would be the largest COLA in six years. The trustees also project that the basic Medicare Part B premium will remain unchanged next year.
These are preliminary projections, with the final amounts to be released in the fall. The news is, nonetheless, very encouraging. The recent paltry COLA amounts were driven down by unusually low inflation in recent years.