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I received my Social Security letter today and I did not get…

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I received my Social...

I received my Social Security letter today and I did not get the 2% increase. I can't get Social Security on the phone to answer my question. I am 84 years old and have been collecting Social Security for 19 years.

Accountant's Assistant: The Retirement Accountant will know how to help. Is there anything else the Retirement Accountant should be aware of?

I don't know?

Submitted: 8 months ago.Category: Social Security
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Answered in 2 minutes by:
12/18/2017
Social Security Expert: Carter McBride, CPA replied 8 months ago
Carter McBride
Category: Social Security
Satisfied Customers: 1,312
Experience: Adjunct Professor
Verified

Hey! I'm Carter, I'm a CPA and would be glad to help you with this.

The 2% cost of living increase did go through. However, for most people the cost was offset by the cost of Medicare increase. So, in the end for most people, while they did get a 2% increase, the increase was taken away by the additional Medicare cost.

Hope that helps with the confusion. If you need anything else, let me know. If not, please leave a rating. Thanks!

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Social Security Expert: taxmanrog, Certified Public Accountant (CPA) replied 8 months ago
taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 1,231
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
Verified

Hi! Different expert here.

The prior expert was correct. You were supposed to get a 2% increase in your basic benefit amount. However, the Medicare premium you pay went up an average of 20% and the prescription drug plan cost went up an average of 27%! So the increase that you got in your basic benefits was more than offset by the increase in the Medicare and prescription drug plan costs. I know of several clients whose monthly checks actually went DOWN by $20 to $30.

I hope this answers your question. If you have any more, please feel free to ask and I will be happy to answer.

Thanks! Have a great week!

Roger

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