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Explain how the 2% increase for 2018 is calculated - from…

Customer Question
Please explain how the...

Please explain how the 2% increase for 2018 is calculated - from the monthly amount before deductions, or from the bot***** *****ne after deductions.

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

I am supposed to receive 2% increase. 2% of what? Before deductions or after deductions i.e. my monthly check is going to be $1932.00. How did they arrive at that number?

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

I don't think so - they do deduct for medicare medical of $134.00

Submitted: 7 months ago.Category: Social Security
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Answered in 8 minutes by:
1/3/2018
Social Security Expert: lev-tax, Tax Advisor replied 7 months ago
lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 33,265
Experience: Taxes, Immigration, Labor Relations
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Based on the increase in the Consumer Price Index (CPI-W) from the third quarter of 2016 through the third quarter of 2017, Social Security and Supplemental Security Income (SSI) beneficiaries will receive a 2.0 percent COLA for 2018.

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.

That increase will be applied to GROSS amount - before any deductions.
However - Medicare premiums are also increased - so your net social security benefits may be increase less than 2%.

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Customer reply replied 7 months ago
2% of 2066.00 is 41.32, less 134.00 = $38.64. Why am I only getting $1932.00??
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