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I got a 2% increase in my social security, and the note said…

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I got a 2%...

I got a 2% increase in my social security, and the note said I would get a check, net of $1,650.00. It was to be put in automatically in my Navy Federal account. Yet in my account it showed my last month's total of $1583 to be paid January 3, 2018. What is going on?

Submitted: 1 month ago.Category: Social Security
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Answered in 6 hours by:
12/29/2017
Social Security Expert: TaxRobin, Tax Preparer replied 1 month ago
TaxRobin
TaxRobin, Tax Preparer
Category: Social Security
Satisfied Customers: 16,738
Experience: 15+ years in tax preparation and instruction
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Social Security Expert: TaxRobin, Tax Preparer replied 1 month ago

The 2.0 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 61 million Social Security beneficiaries in January 2018. The increase though for many is eaten up by the Medicare increase.

There is a provision in federal law that prohibits Medicare from raising a person’s Part B premiums if it reduces their Social Security benefits. So all they could do was take the COLA increase.

I know it sounds bad but unless Congress changes the formula then that is what happens.

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