Social Security Statements Updated For 2023

[Lakedog]

Actually, sometimes it's not rounded to the dollar.
My SS benefit is currently xxxx.10
Medicare deduction is xxx.10
Income tax withholding is xxx.30
Net deposit amount is xxxx.70

No fed tax deduction for me but would assume medicare is the only deduction that is used for the rounding (which makes sense since tax withholding can be changed by the recipient).

 

[cyber888]

I saw my new SS statement. I'm not retired yet at 58+ yrs old. Hmm .. I only got an increase of 8.3% for my 62 years old number, and 7.8% increase for my 67 years old number.

Glad some of you guys are getting 8.7% - 8.9% - that's awesome.

 

[Car-Guy]

Thanks for the notice... I checked both mine and the DW's... I was surprised to learn (as others have mentioned) that we get our new update payments beginning in December... Is that our Christmas present from the Government?

 

[Gumby]

Thanks for the notice... I checked both mine and the DW's... I was surprised to learn that we get our new update payments begining in December... Is that our Christmas present from the Government?

It will be in the check delivered to you in January (they pay in arrears).

 

[camfused]

...
Can you safely predict the increase in indexing factors and bend points can increase your SSA benefits safely around 5% per year until COLA kicks in at age 62?

In the mid to late 1970s, when we also had large inflation, the COLAs were large too, but the average for the first 2 decades of this century is close to 2%. So, basically, if you think inflation will be high for a couple of years, I would go with the 5% as a decent guess, but if the fed tames it to the desired 2% level, I would go a bit lower.

 

[Rianne]

Plus, medicare premiums went down to $164.90 for 2023, from 170.10.

 

[Romer]

Thanks for posting this. Even tough I was born in 1961 I got a raise , but based on data here due to wage indexing and not COLA.

 

[audreyh1]

It will be in the check delivered to you in January (they pay in arrears).

OK, let me get this straight.

I understand that SS pays in arrears, so the check received in January is actually for December.

So the COLA increase is actually applied to the December payment? But in turn folks don’t see that increase until January when they receive their payment?

Kind of makes sense I suppose as it would reduce complaints about not seeing the increase until Feb.

What about the Medicare premium change? That also has to synchronize in order to not cause confusion. I know that DH pays his Medicare payment the month before, so I assume any Medicare withholding from the December SS payment (which you actually receive in Jan) is to cover Jan at the new price.

Then when you get your SS-1099, it’s reporting the payments that are sent to you during the calendar year even though it pays in arrears. I guess that all works out.

 

[W2R]

OK, let me get this straight.

I understand that SS pays in arrears, so the check received in January is actually for December.

So the COLA increase is actually applied to the December payment? But in turn folks don’t see that increase until January when they receive their payment?

Kind of makes sense I suppose as it would reduce complaints about not seeing the increase until Feb.

What about the Medicare premium change? That also has to synchronize in order to not cause confusion. I know that DH pays his Medicare payment the month before, so I assume any Medicare withholding from the December SS payment is to cover Jan at the new price.

Then when you get your SS-1099, it’s reporting the payments that are sent to you during the calendar year even though it pays in arrears. I guess that all works out.

Sounds right. But then actually I have always suspected that SS is even more confused about this payment timing issue than we are.

 

[Car-Guy]

OK, let me get this straight.

I understand that SS pays in arrears, so the check received in January is actually for December.

So the COLA increase is actually applied to the December payment? But in turn folks don’t see that increase until January when they receive their payment?

Kind of makes sense I suppose as it would reduce complaints about not seeing the increase until Feb.

What about the Medicare premium change? That also has to synchronize in order to not cause confusion. I know that DH pays his Medicare payment the month before, so I assume any Medicare withholding from the December SS payment is to cover Jan at the new price.

Then when you get your SS-1099, it’s reporting the payments that are sent to you during the calendar year even though it pays in arrears. I guess that all works out.

Sounds right. But then actually I have always suspected that SS is even more confused about this payment timing issue than we are.

Just when I thought I understood this "stuff"...

You know what, I think I'll just wait and see when and what I get paid what's owed to me. (like if I could do anything about it anyway)

 

[audreyh1]

Sounds right. But then actually I have always suspected that SS is even more confused about this payment timing issue than we are.

Fortunately when I called SS just after DF passed away, they were very clear that the payment he had received that same month was in arrears and thus wouldn’t be clawed back. The next month payment wouldn’t happen or if it did it would be clawed back. You don’t get paid SS for that last partial month of life.

 

[N02L84ER]

Fortunately when I called SS just after DF passed away, they were very clear that the payment he had received that same month was in arrears and thus wouldn’t be clawed back. The next month payment wouldn’t happen or if it did it would be clawed back. You don’t get paid SS for that last partial month of life.

SS will not claw the final payment back, but some banks do not understand that SS payments are in arrears. When my MIL died in June, the bank took the June deposit and sent it back to the SSA. Then, the SSA had to have the executor mail a letter with estate beneficiary (children) information so that the SSA could mail checks to the beneficiaries.

 

[rnitz]

Oddest thing. I download these statements every year (I'm 64, not collecting yet) and for the first time my statement was identical to the 2021 year numbers (with an updated 2022 date). All the others show their usual annual increase. I was annoyed, puzzled, and a bit worried as I was expecting around an 8% increase. Thought I'd ask you guys whether anyone else saw this, but I just downloaded it again and it changed! (from two days ago).


Anyway, I read they do something (update?) on these statements 3 months before your birthday (which for me is Feb. 15, almost three months to the day). I'm good, the updated statement (better than the previous 2022 statement) seems correct. Just thought I'd post this in case anyone else had some weird behavior in the last two days.

 

[MRG]

Oddest thing. I download these statements every year (I'm 64, not collecting yet) and for the first time my statement was identical to the 2021 year numbers (with an updated 2022 date). All the others show their usual annual increase. I was annoyed, puzzled, and a bit worried as I was expecting around an 8% increase. Thought I'd ask you guys whether anyone else saw this, but I just downloaded it again and it changed! (from two days ago).


Anyway, I read they do something (update?) on these statements 3 months before your birthday (which for me is Feb. 15, almost three months to the day). I'm good, the updated statement (better than the previous 2022 statement) seems correct. Just thought I'd post this in case anyone else had some weird behavior in the last two days.

I didn't see the increase a couple weeks ago but now it's there. We're born the same week. Woo hoo now we are talking about something I'll enjoy.

 

[youbet]

My statement is pretty straight forward. DW's is much more fun! Her Part B premium and IRRMA far exceed her SS so we find out how large the check she writes to CMS every month is!

It would be more of a hoot if they'd show her SS as a negative number, but they don't. It's just zero and a note to send them $XXX every month.

 

[audreyh1]

My statement is pretty straight forward. DW's is much more fun! Her Part B premium and IRRMA far exceed her SS so we find out how large the check she writes to CMS every month is!

It would be more of a hoot if they'd show her SS as a negative number, but they don't. It's just zero and a note to send them $XXX every month.

Ouch!

 

[camfused]

My statement is pretty straight forward. DW's is much more fun! Her Part B premium and IRRMA far exceed her SS so we find out how large the check she writes to CMS every month is!

It would be more of a hoot if they'd show her SS as a negative number, but they don't. It's just zero and a note to send them $XXX every month.

Ugh! An omen for my future.

 

[ShokWaveRider]

AnyPia32 has not been updated yet though.

 

[CRLLS]

My statement is pretty straight forward. DW's is much more fun! Her Part B premium and IRRMA far exceed her SS so we find out how large the check she writes to CMS every month is!

It would be more of a hoot if they'd show her SS as a negative number, but they don't. It's just zero and a note to send them $XXX every month.

OMG. I understand how that could happen. I never heard of it actually happening before. Sorry.

 

[cyber888]

AnyPia32 has not been updated yet though.

Right. I ran the numbers, and it's the same calculations. Maybe in a few weeks they update the calculations on that software.

 

[DektolMan]

Thank you! Just checked ours and our calculations matched.

 

[G-Man]

Right. I ran the numbers, and it's the same calculations. Maybe in a few weeks they update the calculations on that software.

I use this SS calculator as well in addition to manually calculating the SS benefits. My manual calculation now matches what is on the SSA.gov website.

 

[Timeisprecious]

Yes. I Just checked. The numbers on the SSA.gov site now matches my manual calculation done a few weeks ago.

+1

 

[rk911]

2023 SS Benefit

We received our benefit statements for 2023 today. As promised there was an 8.7% increase in the benefit but a larger deduction for Part B and an increase in the Part B/Part D IRMAA. The net result is a significant decrease in the overall benefit for both of us. Good thing SS represents a fraction of our monthly cash flow.

 

[braumeister]

Threads merged.