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Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 11586
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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I am not receiving the cost of living on my check for 2017.

Customer Question

I am not receiving the cost of living on my check for 2017. I am getting the amount that I have been receiving for over two years. my Social Security number is *********. Thank You. Mary J. Navaroli JA: The Retirement Accountant will know how to help. Is there anything else important you think the Retirement Accountant should know? Customer: No

Submitted: 4 months ago.
Category: Social Security
Expert:  Lane replied 4 months ago.

Hi. My name's Lane. I can explain what's happening here.

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The COLA (Cost of living adjustment) this year, for 2017 benefits) was was only 0.3% (3/10 of 1%)

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Medicare premiums, becasue of the rising costs of health care, went up much more

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However, because of a provision in the Social Security act, the medicare premium (for about 70% of individuals) - Individuals with a AGI of $85,000 or less and Married couples with a AGI of $170,000 or less - stayed the same.

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You can read more about that here:https://www.ssa.gov/pubs/EN-05-10536.pdf

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Also, remember that SSA pays benefits in arrears, so your January benefit is received in February.

Expert:  Lane replied 4 months ago.

For some beneficiaries, their Social Security increase may be partially or completely offset by increases in Medicare premiums, BUT you will not see an actual decrease in your check (because of the medicare INCREASE) unless you, again, are over those thresholds of 85000 for single filers and 170,000 for those filing jointly.

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Please let me know if you have ANY questions at all, before rating me.

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Thank you!

Lane

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

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