Your Retirement Benefits: What to Expect in 2013

The costs and benefits of 401(k)s, Social Security, and Medicare will all be tweaked next year.

A business woman working with her senior citizen client.
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Larger Medicare Part B premiums. The Medicare Part B premium for most Medicare beneficiaries will increase from $99.90 per month in 2012 to $104.90 in 2013. The Part B deductible will also increase in 2013, by $7 to $147. Retirees with large incomes totaling more than $85,000 for individuals and $170,000 for couples must pay higher Part B premiums.

[Read: 12 Ways to Increase Your Social Security Payments.]

Additional Medicare Part D coverage. The average Medicare Part D premium is estimated to be $40.18 in 2013 (assuming beneficiaries remain in their current plan), up 7 percent from $37.57 in 2012, according to a Kaiser Family Foundation analysis of 2013 Medicare Part D offerings. The maximum possible deductible Medicare Part D plans are allowed to charge will increase by $5 to $325 in 2013. "It makes a lot of sense for people in Part D plans to take another look at the options available in their area and compare their current coverage to what else is out there," says Juliette Cubanski, a Medicare policy analyst at the Kaiser Family Foundation. However, seniors will also get additional drug coverage next year, due to provisions of the Affordable Care Act. Seniors who reach the donut hole gap in prescription drug coverage in 2013 will get a 52.5 percent discount on brand-name drugs and 21 percent off the cost of generic drugs, up from 50 percent and 14 percent, respectively, in 2012.