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I received my new benefit amount and I am confused. It seems…

Customer Question
I received my new...

I received my new benefit amount and I am confused. It seems that I will be receiving the same amount that I have always received...what happened to the 2.0% increase that we are supposed to receive in 20l8.

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. Is there anything else the Retirement Accountant should be aware of?

I received a paper saying that this is my New Benefit Amount and it did say that the benefits will increase by 2.0% in 20l8. I realize that S.S. is difficult to understand but why I received Your New Benefit Amount a week ago and there wasn't any increase....shouldn't I receive the increase? I am 87 and don't work.

Submitted: 7 months ago.Category: Social Security
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Answered in 1 hour by:
12/22/2017
Social Security Expert: taxmanrog, Certified Public Accountant (CPA) replied 7 months ago
taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 1,206
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.

Please give me a few minutes to answer your question.

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

I have answered this same question several times, as the benefit statements are coming out and people are confused.

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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taxmanrog, Certified Public Accountant (CPA)
Category: Social Security
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Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.

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