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Old 11-17-2023, 10:11 AM   #21
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You made me look, and sure enough my benefit went up 3.2%. I will be claiming next May. That will be my first income since 2011, COLA'd at that, it's surreal.
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Old 11-17-2023, 11:23 AM   #22
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I had pulled my SS statement 2 weeks ago when I received email from SSA stating that an undated statement was available. But then it still showed no change. After seeing this thread I checked my statement again, and it has been updated.
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Old 11-17-2023, 12:26 PM   #23
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Hot Dog. I just checked, received a $98 raise in the monthly amount I will get.
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Old 11-17-2023, 12:35 PM   #24
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Does your Social Security amount change in January once your 2023 earnings are known by Social Security?
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Old 11-17-2023, 04:48 PM   #25
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I was under the impression that for the year you turn 62, you would not receive the CPI adjustment. You would receive it in future years however. Perhaps a small distinction?





Thanks for that! So it looks like the mySocialSecruity site is updated around Nov 15.

-gauss
From what I can tell, there are 3 time periods:
They use your indexed earnings (indexed by the average wage index) to find the AIME for the wages through the year you turn 60.

As of January of the year you turn 62, they calculate your preliminary PIA based on your AIME and bend points. The bend points are adjusted by the AWI, so you get an AWI adjustment. You definitely see language saying no COLA is applicable and while this is true, it's because you got the better AWI adjustment.

Starting the following year (January of the year you turn 63), you start getting COLAs.
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Old 11-19-2023, 08:38 AM   #26
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Does your Social Security amount change in January once your 2023 earnings are known by Social Security?
Can someone answer this question.

Your 2023 earnings currently is not reported yet to the Social Security Department. However, I would think in January 2024, your 2023 earnings should appear on the Social Security website. So, here is the question.

If your 2023 earnings is one of your Top 35 earnings, do you now use the 2023 earnings in the Security Social calculation? If yes, when would your new PIA amount show up on the Social Security website?
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Old 11-19-2023, 08:59 AM   #27
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They don't know about your 2023 earnings until your tax return for this year is finalized.
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Old 11-19-2023, 09:47 AM   #28
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They don't know about your 2023 earnings until your tax return for this year is finalized.
So, at what point will the 2023 earnings be used in the Social Security calculation which will increase the PIA amount and be reflected on the Social Security website?
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Old 11-19-2023, 10:34 AM   #29
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Old 11-19-2023, 10:36 AM   #30
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So, at what point will the 2023 earnings be used in the Social Security calculation which will increase the PIA amount and be reflected on the Social Security website?
Tas returns for 2023 income aren't due until 10/15/2024, with extension. So the SSA might not even try looking at them until then.

Then there's the question whether your 2023 income replaces a lesser indexed income year from your top 35 years.

So I don't have a good answer for you...
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Old 11-19-2023, 11:13 AM   #31
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Tas returns for 2023 income aren't due until 10/15/2024, with extension. So the SSA might not even try looking at them until then.

Then there's the question whether your 2023 income replaces a lesser indexed income year from your top 35 years.

So I don't have a good answer for you...
Your 2023 SS earnings will show up on your SS record shortly after your tax return is filed. Within a month after, in my experience.
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Old 11-19-2023, 12:03 PM   #32
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Getting harder to stay on the sidelines. Might just jump into the pool before 70
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Old 11-19-2023, 01:33 PM   #33
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So, at what point will the 2023 earnings be used in the Social Security calculation which will increase the PIA amount and be reflected on the Social Security website?
Even if your 2023 earnings were at the maximum taxed amount ($160,200) and replacing a zero in your top 35 years of indexed earnings, it would be an increase in your AIME of $381. Most folks on this forum probably have indexed earnings above the 2nd bend point in the PIA formula ($6721/mo AIME). Above that and your PIA is only increased by 15% of the amount, so $57/month. Obviously if you are replacing a non-zero year, the difference is even smaller.

Certainly nice to have, but not exactly life-changing money.
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Old 11-19-2023, 04:22 PM   #34
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Even if your 2023 earnings were at the maximum taxed amount ($160,200) and replacing a zero in your top 35 years of indexed earnings, it would be an increase in your AIME of $381. Most folks on this forum probably have indexed earnings above the 2nd bend point in the PIA formula ($6721/mo AIME). Above that and your PIA is only increased by 15% of the amount, so $57/month. Obviously if you are replacing a non-zero year, the difference is even smaller.

Certainly nice to have, but not exactly life-changing money.
Got it. Thanks for the feedback.
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