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I just received letter from SS indicating what my new

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I just received...

I just received letter from SS indicating what my new payment would be with the new 2percent increase. It stated I would receive $965.00 after deductions. This is the same amount I have been receiving in 2017which was $965.00 I believe a mistake has been made.

Accountant's Assistant: The Retirement Accountant will know how to help. Is there anything else important you think the Retirement Accountant should know?

No. SS#is###-##-####

Submitted: 6 months ago.Category: Social Security
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Answered in 6 minutes by:
12/5/2017
Social Security Expert: lev-tax, Tax Advisor replied 6 months ago
lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 32,985
Experience: Taxes, Immigration, Labor Relations
Verified

You are correct - for social security beneficiaries - they will receive a 2.0 percent COLA for 2018
See here

https://www.ssa.gov/news/press/factsheets/colafacts2018.pdf

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Social Security Expert: lev-tax, Tax Advisor replied 6 months ago

That will affect your GROSS benefits - before any deductions

Thus if your gross benefits are $965 - plus 2% = you may expect in 2018 gross benefits to be ~$985.

But we also need to verify any Medicare premiums you are paying from your benefits and any voluntary tax withholding you requested (if any)

Please let me know these amounts - they must be mentioned in this letter.

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