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We were told it would be a 3% raise. Please read this and…

We were told it would...
We were told it would be a 3% raise. Please read this and then reply
2016 $1494.90 Add 3% and it would bring 2017 to $1540.78. That would be the 3% promised. Med. Ins. cost in 2016 was $104.00 so I received $1391.00. Now they are showing the amount to be $1500.00 with $109. deducted, bringing me back to $1391.00. That is incorrect. 1540.78 which it should less the $108.00 would make the total I received at $1431.78 or $1432.00 to round off. I hope you understand what I am saying.
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12/12/2016
keeperumiami
keeperumiami, Senior Tax Expert & Financial Planner
Category: Social Security
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The problem is that the published increase for next year is not 3%. It is .3% (3/10 of 1%) which is .003.

So, $1,494.90 (1,495. x 1.003 = $1,499.485) = $1,500. less $109. = $1,391. (There's a grandfathering rule that applies to previous retires that says that the Medicare premium increase can't exceed the Cost of Living increase).

Steve G.

keeperumiami
keeperumiami, Senior Tax Expert & Financial Planner
Category: Social Security
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Experience: Sr Tax Expert/Financial PlannerCPA/PFS (retired)Over forty years of advising individuals & small businesses
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