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My new benefit amount of "2%" appears to be watered down to…

Customer Question
My new benefit amount...

My new benefit amount of "2%" appears to be watered down to next to nothing because of the increase in what is deducgted

Accountant's Assistant: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Please tell me more, so we can help you best.

I'm just upset because after several years of no increase, now one comes but gets watered down because of increase in Medicare deduction. Is this what was intended? The increase is a joke!

Accountant's Assistant: Is there anything else the Retirement Accountant should be aware of?

I don't understand the question

Submitted: 7 months ago.Category: Social Security
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Answered in 12 minutes by:
12/19/2017
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 7 months ago
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,677
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
Verified

Please don't shoot the messenger here, but you are LITERALLY the 23rd person asking this question here today.

...

SO, you are NOT alone. This is happening becasue Social Security increase the benefit by the amount that CPI went up -mirrors the cost of a market basket of goods, from bread to gasoline ... but Health and Human services increased the Medicare part B premium by the 30% or so that health care costs have risen.

...

(a lot of this is reflective of the 150,000 cost of the hypnotherapy (cancer) costs being paid by medicare for so many today)

...

There IS a provision in the law that keeps that medicare part B premium from actually DECREASING your net benefit, but it's always possible that the increased cost of health care out paces...

...

So sorry

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Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,677
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