will I get SS increase??

[albireo13]

I retired a year ago but am not pulling SS yet. I plan to start early next year at FRA (66 and 2 mo).

There was a recent increase in SS benefits due to cost of living adjustment.
My question is, will I see this increase? Is it just for those already pulling SS benefits?

I went to SS website and ran my estimates and they haven't changed from a year ago.

 

[Sarah S]

Yes. They haven’t updated amounts yet I am in a similar situation

 

[finnski1]

Since you are over 62 you should definitely see it when the updates are done. I don't know exactly when that is. You don't have to be receiving benefits yet.

 

[xlf11]

Just want to share what I know based on my recent experienc:

• your first year of SSB stays the same as the SSA estimate (no increase if you apply after Birth month)
• your monthly increase (of last year) will start next Jan. with COLA adjustment as well
• your monthly SSB is paid with direct deposit only after one month later depending on your BD (from 2nd to 4th Wednesday)
• your medicare premium is deducted from SSB after 65 for part B
• you have 9 months window when applying SSB (say apply in July for starting either back to March or forward to Nov.
• SSA is now only open to critical in-person service so be prepared to be delayed than normal

 

[pb4uski]

Since you are over 62 you should definitely see it when the updates are done. I don't know exactly when that is. You don't have to be receiving benefits yet.

+1

 

[fosterscik]

So far I have not seen any increases in my pia on the mySS site. I'm now 64 and nothing has changed yet. I assume it will be corrected once I actually claim but I did not see anything at 63 (1.6% increase expected) or 64 (1.3% expected). I guess I'll find out in December if things are unchanged again

 

[Dash man]

Deleted

 

[Katsmeow]

Those of us receiving SS benefits won’t see the increase until the February payment, which is for January. So I wouldn’t expect you to see it on their website until January at the earliest, probably February.

What? When did they change this? In 2021, we definitely received the increased amount in January. We didn't have to wait to February and that was true in prior years. Are you sure about this? If so, it is a major change that I am surprised I haven't heard about.

 

[albireo13]

OK, confusing.

OP here.
I am 65yo now, turning 66 in January (2022). Thus, my FRA of 66 and 2 months happens at March 1, is my guess.

I want to start pulling SS benefits once I reach FRA, to help with our cash flow.
It sounds like I will be getting the increase but, can't see it in an estimate until maybe January.

 

[Dash man]

What? When did they change this? In 2021, we definitely received the increased amount in January. We didn't have to wait to February and that was true in prior years. Are you sure about this? If so, it is a major change that I am surprised I haven't heard about.

Okay, I’m probably wrong then. I was thinking that the payment for February was for January. I apologize for my assumption.

I deleted my above post.
I started SS in June and received my first payment in July. So I incorrectly assumed the raise for January would be in February. I’ll shut up now. [emoji850]

 

[Ian S]

Well if it's any consolation, I think you are correct. I understood SS to be paid in arrears i.e January's amount is paid in February. In fact, I'm pretty sure this happened to me as I opted for SS to start in January and the first payment didn't go into my account until February.

 

[Dash man]

Well if it's any consolation, I think you are correct. I understood SS to be paid in arrears i.e January's amount is paid in February. In fact, I'm pretty sure this happened to me as I opted for SS to start in January and the first payment didn't go into my account until February.

We’ll all know soon enough! [emoji851]

 

[Irishgirlyc58]

We’ll all know soon enough! [emoji851]

I believe the cola is effective for December 2021 benefits which is received in January 2022.

 

[xlf11]

Here is from the google search:
"With COLAs, Social Security and Supplemental Security Income (SSI) benefits keep pace with inflation. The latest COLA is 5.9 percent for Social Security benefits and SSI payments. Social Security benefits will increase by 5.9 percent beginning with the December 2021 benefits, which are payable in January 2022."

 

[albireo13]

What day of the month do SS payments occur on ... the 1st?
Can you select this or, is it determined by SS?

 

[xlf11]

What day of the month do SS payments occur on ... the 1st?
Can you select this or, is it determined by SS?

Depends on your BD, but it's always on Wednesday from 2nd to 4th week of the month for previous month benefit. No.

 

[Calico]

The checks are deposited on a pre-set schedule, depending on when your birthday falls within the month. You cannot select the deposit date.

 

[Venturer]

The checks are deposited on a pre-set schedule, depending on when your birthday falls within the month. You cannot select the deposit date.

^^^^^^^^^^^^What she said, My DW birthday is the 2 & she gets hers on 2nd Wed. My birthday is 27th so mine comes last Wed. DW loves this as it helps her book keeping.

 

[xlf11]

Just another heads-up that SSA now only pay via Direct Deposit and you can change your bank info easily on your SSA account. If you want to withhold IRS income tax, you can only withhold via Form W-4V with 7%, 10%, 12% and 22% and submit it to your SSA local office.

 

[RetireBy90]

Add one more heads up, Medicare also goes up, so some or all of your increase will go into the top line and come out before bottom line. The article I saw said base for B will go from $149 to $170 and IRMAA for B and D will also increase. Of course, the brackets will also be a bit higher so if your MAGI stays the same you may fall into a lower bracket and cost or maybe not.



Article said for married joint:
MAGI - Base - Part B - Part D - Total

Under $182K - $170 - $0 - $12 - $182
$182K-$228K - $170 - $68 - $32 - $270
$228K-$284K - $170 - $170 - $52 - $392
$284K-$340K - $170 - $272 - $52 - $494


No accounting or checking of the article numbers, so others will for sure post updates. Larger MAGI can come into play if your trying to convert to Roth before 2025 tax break expiration like we are.