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I think I am not receiving the 2% raise for 2018. please…

Customer Question
I think I am...

I think I am not receiving the 2% raise for 2018. please explain why?

Accountant's Assistant: The Retirement Accountant will know how to help. Please tell me more, so we can help you best.

Please explain why I am not receiving the 2% increase in2018

Accountant's Assistant: Is there anything else important you think the Retirement Accountant should know?

Why I am not receiving the 2% increase for 20l8

Submitted: 7 months ago.Category: Social Security
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Answered in 51 minutes by:
12/21/2017
Social Security Expert: taxmanrog, Certified Public Accountant (CPA) replied 7 months ago
taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 1,212
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
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Welcome to Just Answer! Thank you for giving me the opportunity to assist you! I will do my best to help!

Please give me a few minutes to type my answer.

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Social Security Expert: taxmanrog, Certified Public Accountant (CPA) replied 7 months ago

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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Category: Social Security
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