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Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 10163
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
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My SS payments decreased suddenly from 1633.00 a month to

Customer Question

My SS payments decreased suddenly from 1633.00 a month to 1388.05 per Month. I am 65. Why did this happen?
Submitted: 5 months ago.
Category: Social Security
Expert:  Lane replied 5 months ago.

Hi,

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Social Security payments themselves do not go down. They actually increase in most years for a cost of living adjustment.

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The culprit for the lower take-home is an increase in the Medicare Part B premium. Since those premiums are automatically deducted from Social Security, the result is a lower net monthly payment.

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Medicare Part B premiums are $104.90 monthly. However, if you have modified adjusted gross income that exceed the thresholds, this premium will go up. The adjustment can be as high as an additional $231 a month.

Expert:  Lane replied 5 months ago.

SOMETIMES the surcharge is often an unanticipated side effect for people who have a one-time event during retirement.

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The sale of property or stock that results in a large capital gain, for example.

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But it can also happen becasue of other income in the household getting over a certain level

Expert:  Lane replied 5 months ago.

Form SSA-44 is used request a reduction in the surcharge. BUT, getting the reduction can be difficult. If there are extenuating circumstances, one time circumstances, it may be worth the effort to file the request.

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But if this was just an increase in premiums (therefor a decrease in your NET benefit check) then there may not, so sorry, be much you can do.

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If you sign up (or are automatically put on medicare) during the first 3 months of your Initial Enrollment Period, your coverage start date will depend on your birthday. Your coverage starts the first day of the month you turn 65, unless your birthday is ***** the first day of the month.

Expert:  Lane replied 5 months ago.

Please let me know if you have any questions at all.

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If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the faces or stars on your screen, and then clicking “submit")

I receive no crediting for the work here until you rate

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Thank you!

Lane

I have a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP and CRPS designations. - I’ve been providing financial, Social Security/Medicare, estate, corporate, both for-profit and non-profit, and tax advice on three continents, since 1986