Social Security Statements Updated For 2023

[11522914]

Just wanted to let everyone know that your SS statement on the My Social Security website has been updated with your new benefits for 2023.

For those who have been stating no benefit increase when you turn 61 that is clearly incorrect. My wife was 61 in March 2022 and her now verified benefit has increased by 8.9% which my understanding is the average wage increase previously mentioned in another thread.

Nice to see the actual increase reflected in the yearly numbers.

 

[ShokWaveRider]

Thanks

 

[PaunchyPirate]

Thanks for the heads up. I'm 60 and my estimated benefit also rose by 8.9% between statements generated in March 2022 and just now in November 2022. I was not expecting that. But I'll admit that even though I keep reading on how it works, I can't seem to grasp how it actually works.

 

[f35phixer]

i am receiving my SS and it rose the 8.7% stated.... a nice 190....

 

[W2R]

Thanks! The monthly deposit that I will get after Medicare is subtracted is exactly the same to the penny as what I was figuring.

YAY!!

 

[Dtail]

Thanks for the heads up. I'm 60 and my estimated benefit also rose by 8.9% between statements generated in March 2022 and just now in November 2022. I was not expecting that. But I'll admit that even though I keep reading on how it works, I can't seem to grasp how it actually works.

Average Wage Index increase through age 61.

 

[Irishgirlyc58]

Mine will be the exact amount I calculated.
This is my first year receiving SS- is the increase effective in December to be received in January? Did I interrupt that correctly?

With the recalculation of my SS due to 2021 earnings and the COLA my benefits went up $220/month. Not bad for someone subject to WEP.

 

[W2R]

Mine will be the exact amount I calculated.
This is my first year receiving SS- is the increase effective in December to be received in January? Did I interrupt that correctly?

On the page where I found out the increased amount, it said:

$xxxx.xx next payment before deductions

Next Payment Date: December 14, 2022
​

The amount they quoted for my next payment was the increased amount. So, it sounds like the increase is effective in December. But my memory tells me I never got the increases until January. Hmm!

With the recalculation of my SS due to 2021 earnings and the COLA my benefits went up $220/month. Not bad for someone subject to WEP.

Terrific!!

 

[wdwwildbill]

Thank you ... great info ....

 

[braumeister]

it sounds like the increase is effective in December. But my memory tells me I never got the increases until January.

Trust your memory (after all, we've been relying on it for a long time ).

That was a very poorly worded notice. The increase will be in the January payment.

 

[G-Man]

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

 

[Dash man]

What will I do with all that extra money?

 

[Irishgirlyc58]

On the page where I found out the increased amount, it said:

$xxxx.xx next payment before deductions

Next Payment Date: December 14, 2022
​

The amount they quoted for my next payment was the increased amount. So, it sounds like the increase is effective in December. But my memory tells me I never got the increases until January. Hmm!


Terrific!!

Yeah- they make it look like people will receive the increase in December but in actuality it’s the benefit increasing in December to receive in January.
Honestly, if I was ever to take another job I would want it to be to clean up SS wording on benefits. After 35 years in social services/ public assistance programs it drives me bonkers how bad the wording is. I bet their customer service reps get inundated with calls because of it.

 

[audreyh1]

What will I do with all that extra money?

Ha ha!

 

[CRLLS]

Thanks. My estimate was 0.32 off. It is confusing that it says "

x,xxx.xx next payment before deductions

Next Payment Date: December 20, 2022

Payments are made on the 3rd Wednesday of every month

Surely it is wrong. The 3rd Wednesday is Dec 21st, not the 20th!

For me, being born in the 20's of my birth-month, it should be on the 4th Wednesday. I have been receiving spousal and getting it on the 3rd Wednesday. I assumed it was due to DW receiving hers on the 3rd Wednesday. I guess I'll just sit back and wait to see what hits the bank account.

 

[RunningBum]

Anyone rerun their numbers at OpenSocialSecurity.com? It used to recommend I claim at 69 and 11 month, IIRC. Now it says 67 and 11 months.

 

[Gumby]

Thanks. My estimate was 0.32 off.

...

They always round down to the nearest whole dollar. https://www.ssa.gov/OP_Home/handboo...ly amount payable is,the lower multiple of $1.

 

[CRLLS]

My webpage says: $xx26.90, not $xx26.00. I am familiar with the rounding down. I thought it was for the PIA and subsequent increases were penny for penny, or at least rounded to the dime. It is very confusing when I have them take out for Medicare premiums, Part D premiums and a certain % for taxes. What I do know is the bank deposit for both me and DW is in full dime increments. What is, is.

 

[Gumby]

It's all the extra deductions and taxes and such. The basic monthly SSA benefit before taxes and deductions is in whole dollars. I have no deductions at all. 1.087 times my current monthly payment leaves about 30 cents. My new monthly amount takes that 30 cents and still pays me in whole dollars.

 

[SecondCor521]

Anyone rerun their numbers at OpenSocialSecurity.com? It used to recommend I claim at 69 and 11 month, IIRC. Now it says 67 and 11 months.

Probably due to an increase in the discount rate used. The rate they use is hidden unless you choose the checkbox at the top. The rate they use is for 20 year TIPS, which have risen probably since the last time you ran the tool.

A higher discount rate makes it beneficial to claim earlier, I think.

 

[G-Man]

Folks please confirm my statements below.

The SSA benefit amount now shown on the SSA.gov website is the minimum amount that you will receive at age 62. For someone that turns 62 in 2025, the amount shown today on the benefit statement for age 62 will likely increase each year due to the increase in indexing factors and bend points. How much?

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?

 

[iloveyoga]

I was looking at Medicare stuff yesterday and noticed this for my DH and for mine. It looks our next checks will have the increase.

 

[Lakedog]

It's all the extra deductions and taxes and such. The basic monthly SSA benefit before taxes and deductions is in whole dollars. I have no deductions at all. 1.087 times my current monthly payment leaves about 30 cents. My new monthly amount takes that 30 cents and still pays me in whole dollars.

For folks on medicare, the rounding to an even dollar is on the net after the medicare deduction -- my new benefit amount shows $xxxx.90 which results in an even dollar amount after the 2023 medicare deduction of $164.90. For the current year, my SS monthly benefit ends in $0.10 (with medicare being $170.10).

 

[RunningBum]

Probably due to an increase in the discount rate used. The rate they use is hidden unless you choose the checkbox at the top. The rate they use is for 20 year TIPS, which have risen probably since the last time you ran the tool.

A higher discount rate makes it beneficial to claim earlier, I think.

Thanks, that's it, makes a lot of sense. I'm not changing my strategy, as my primary objective is longevity insurance, but it is interesting to see the change.

 

[braumeister]

For folks on medicare, the rounding to an even dollar is on the net after the medicare deduction -- my new benefit amount shows $xxxx.90 which results in an even dollar amount after the 2023 medicare deduction of $164.90. For the current year, my SS monthly benefit ends in $0.10 (with medicare being $170.10).

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