The 2016 cost of living adjustment for Social Security benefits will be announced this week. Many believe the COLA will be zero. But Medicare might announce a big increase in the 2016 monthly premium for Part B, which covers medical bills. “For those who will pay, the increase may be about 52%,” said Tim Steffen, director of financial planning at R.W. Baird, a wealth management firm in Milwaukee. Steffen says that seniors shouldn’t panic.