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At this age, the benefit is neither reduced for early retirement nor increased for delayed retirement.
The age you start collecting Social Security retirement benefits is an important consideration in terms of your COLA.
Medicare Part B premiums can also affect your COLA.
When premiums go down, your COLA could be higher.
When premiums go up, your COLA could go down and thats whats happening this year.
Different federal employeesreceive different adjustments as well.
In May 2024, the average retirement benefit was $1,867.83, according to the SSA.
That was up from $1,787.31 the previous year a gain of 4.5% rather than 3.2%.
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