New Medicare Statement - Lowered benefits

[KB]

I just received my Social security statement which I requested early.  I currently work full time.

My estimated benefts are reduced in each category from what was estimated on my last statement in July 2003, however my income went up 15,000 for 2003.  Nothing else on the statement has changed as far as I can tell

Age 62 went down 245.00, age 66 went down 371.00 and age 70 went down 543.00.

I'm trying to project an ER and this is changing all my projections.  Does anyone know why the amounts would be reduced or should I contact SS and see what's up.

Has anyone seen a change in their annual statements similar to this?

 

[haha]

I just received my Social security statement which I requested early.  I currently work full time.
My estimated benefts are reduced in each category from what was estimated on my last statement in July 2003, however my income went up 15,000 for 2003. Nothing else on the statement has changed as far as I can tell.

Did you perhaps tell them to generate an estimate taking your ER into account? Look at page 2, under the estimates for benefits. There will be a statement near the bottom of the page:

We base your benefit estimates on these facts:
Name
DOB
Estimated taxable earnings per year after ____
SSN

Look at the taxable earnings per year after ____. If they have based the estimate on your continued work, they will use your most recent year's earnings that they have already accounted for. (There may be a lag, but you can see what they are using.) This amount will be projected forward.

If they have determined that you have retired, there will be a 0 for this line.

That said, no harm calling them up if you don't understand just what has happened. Just don't necessarily expect them to know what they are talking about. All the clever federal employees have ERd, and are to be found posting on this board, not answering phones at the SSA.

Mikey

 

[cute fuzzy bunny]

Maybe they're already adjusting the projections for the 30% expected reduction in benefits I've seen talked about for those retiring in ~20 years.

 

[KB]

THanks for the replies.

Mikey, they did put my estimated taxible earnings after 2004 as 0 though they did indicate that I did not provide an age to stop working.

Thanks, I never would have thought to check that field . Actually it is good that I got this statement, because I'm trying to plan for an ER in 21 months and didn't realize that I needed to reduce the age 62 amount. I'll try to project how that amount might change in 21 months.

I was afraid that they were already reducing by 30% in their projections.