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Social Security Statements Updated For 2023
11-18-2022, 12:43 PM
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#1
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Recycles dryer sheets
Join Date: May 2011
Posts: 476
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Social Security Statements Updated For 2023
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.
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11-18-2022, 12:51 PM
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#2
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jun 2003
Location: Florida's First Coast
Posts: 6,270
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Thanks 
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"Never Argue With a Fool, Onlookers May Not Be Able To Tell the Difference." - Mark Twain
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11-18-2022, 01:09 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Feb 2014
Location: NW Pennsylvania
Posts: 1,201
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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.
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11-18-2022, 01:17 PM
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#4
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Full time employment: Posting here.
Join Date: Nov 2017
Location: solomons
Posts: 698
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i am receiving my SS and it rose the 8.7% stated.... a nice 190....
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11-18-2022, 01:27 PM
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#5
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 46,435
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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!! 
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
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11-18-2022, 01:40 PM
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#6
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 9,968
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 Quote:
Originally Posted by 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.
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Average Wage Index increase through age 61.
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TGIM
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11-18-2022, 01:40 PM
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#7
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Full time employment: Posting here.
Join Date: Sep 2020
Posts: 593
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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.
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11-18-2022, 02:03 PM
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#8
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 46,435
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Quote:
Originally Posted by 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?
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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! 
Quote:
Originally Posted by Irishgirlyc58
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.
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Terrific!!
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
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11-18-2022, 04:29 PM
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#9
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Recycles dryer sheets
Join Date: Jan 2014
Location: New Orleans
Posts: 60
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Thank you ... great info ....
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11-18-2022, 04:34 PM
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#10
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Moderator
Join Date: Feb 2010
Location: Flyover country
Posts: 22,145
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Quote:
Originally Posted by W2R
it sounds like the increase is effective in December. But my memory tells me I never got the increases until January.
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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.
__________________
I thought growing old would take longer.
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11-18-2022, 04:53 PM
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#11
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Recycles dryer sheets
Join Date: May 2013
Posts: 447
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Yes. I Just checked. The numbers on the SSA.gov site now matches my manual calculation done a few weeks ago.
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11-18-2022, 05:34 PM
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#12
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Thinks s/he gets paid by the post
Join Date: Mar 2013
Location: Limerick
Posts: 4,796
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What will I do with all that extra money?
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11-18-2022, 06:50 PM
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#13
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Full time employment: Posting here.
Join Date: Sep 2020
Posts: 593
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Quote:
Originally Posted by W2R
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.
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11-18-2022, 06:53 PM
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#14
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 32,924
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Quote:
Originally Posted by Dash man
What will I do with all that extra money?
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Ha ha!
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Retired since summer 1999.
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11-18-2022, 09:12 PM
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#15
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Thinks s/he gets paid by the post
Join Date: Aug 2014
Location: Chicago West Burbs
Posts: 2,454
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Thanks. My estimate was 0.32 off. It is confusing that it says "
Quote:
x,xxx.xx next payment before deductions
Next Payment Date: December 20, 2022
Payments are made on the 3rd Wednesday of every month
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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.
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11-18-2022, 09:22 PM
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#16
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jun 2007
Posts: 12,439
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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.
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11-18-2022, 09:35 PM
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#17
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Administrator
Join Date: Apr 2006
Posts: 19,699
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Quote:
Originally Posted by CRLLS
Thanks. My estimate was 0.32 off.
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They always round down to the nearest whole dollar. https://www.ssa.gov/OP_Home/handbook...le%20of%20%241.
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Living an analog life in the Digital Age.
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11-18-2022, 10:09 PM
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#18
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Thinks s/he gets paid by the post
Join Date: Aug 2014
Location: Chicago West Burbs
Posts: 2,454
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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.
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11-18-2022, 10:59 PM
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#19
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Administrator
Join Date: Apr 2006
Posts: 19,699
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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.
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Living an analog life in the Digital Age.
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11-18-2022, 11:46 PM
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#20
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jun 2006
Location: Boise
Posts: 6,886
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Quote:
Originally Posted by 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.
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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.
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"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
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