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LawTalk
LawTalk, Attorney
Category: Social Security
Satisfied Customers: 37855
Experience:  I have 30 years of legal and litigation experience, including representing clients before the U.S. Social Security Administration.
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My notice of award letter says my benefit will be $2325/mo,

Customer Question

My notice of award letter says my benefit will be $2325/mo, whereas I calculate that it should be about $2446/mo. My SS# *****###-##-#### ***** am retiring at age 65, 1 yr early. The adjustment should be 6 and 2/3% down from an estimate of $2621/mo. Why the discrepancy?
Submitted: 1 year ago.
Category: Social Security
Expert:  LawTalk replied 1 year ago.

Good afternoon,

I'm Doug, and I'm sorry to hear of the confusion. My goal is to provide you with excellent service today.

There are a couple of possibilities. One possible reason that the award letter differs from your estimate is that your Medicare Part B premium will be taken out of your retirement benefit beginning at age 65.

Also keep in mind that if you retire mid-year, the increase in benefit from employment---presuming that you will be employed to age 65--- for the months in that year before you retire, are not added to your benefit amount until the following year.

Also, if you are asking for your first benefit payment to be paid to you in the month you turn 65 you are actually retiring at 64 and 11 months---decreasing your benefit an additional 5/9% in addition to the 6.33% decrease for the year early.

Doug