SIGforum.com    Main Page  Hop To Forum Categories  What's Your Deal!    Social Security Benefit for 2023 (8.7% Increase)
Page 1 2 
Go
New
Find
Notify
Tools
Reply
  
Social Security Benefit for 2023 (8.7% Increase) Login/Join 
Member
Picture of 229DAK
posted
I pulled my 2023 social security benefit notice from their website this morning. It states, “Your Social Security benefits will increase by 8.7% in 2023 because of a rise in the cost of living”. When I take last year’s gross benefit and increase it by 8.7%, I don’t get what they tell me I will get. Their percent increase comes out to 8.693474% (according to my Excel spreadsheet). Okay, I get it…I know that’s splitting hairs and it’s only pennies a month, but come on, really? MATH is MATH. Is this some form of special federal government mathematics? Is anyone else seeing this? Confused


_________________________________________________________________________
NRA Life Member, Rifle & Pistol Instructor and Range Safety Officer

“A man’s treatment of a dog is no indication of the man’s nature, but his treatment of a cat is. It is the crucial test. None but the humane treat a cat well.”
-- Mark Twain, 1902
 
Posts: 8421 | Location: Northern Virginia | Registered: November 04, 2005Reply With QuoteReport This Post
Member
posted Hide Post
Barbie says math is hard!
 
Posts: 16681 | Location: Lexington, KY | Registered: October 15, 2006Reply With QuoteReport This Post
Member
posted Hide Post
Round up? Too much coffee? Oh and get off my lawn!

Vince
 
Posts: 304 | Registered: July 06, 2007Reply With QuoteReport This Post
Just because you can,
doesn't mean you should
posted Hide Post
Social Security rounds everything down normally and pays in arrears.
The real issue here is how they calculate the inflation rate to determine the increase. Everything I pay for each month has gone up by more than 8.7% and most a lot more.


___________________________
Avoid buying ChiCom/CCP products whenever possible.
 
Posts: 8347 | Location: NE GA | Registered: August 22, 2002Reply With QuoteReport This Post
Member
Picture of 229DAK
posted Hide Post
quote:
Originally posted by 220-9er:
Social Security rounds everything down normally
Round down...to what? How?

Using just the last four digits of my benefit, I calculated 71.01 using 8.7% and they say it is 70.80. If they simply rounded down, why not 71.00?


_________________________________________________________________________
NRA Life Member, Rifle & Pistol Instructor and Range Safety Officer

“A man’s treatment of a dog is no indication of the man’s nature, but his treatment of a cat is. It is the crucial test. None but the humane treat a cat well.”
-- Mark Twain, 1902
 
Posts: 8421 | Location: Northern Virginia | Registered: November 04, 2005Reply With QuoteReport This Post
Member
posted Hide Post
both va/social security: below 0.50/down, above 0.50/up!!
 
Posts: 1988 | Registered: October 17, 2013Reply With QuoteReport This Post
The Main Thing Is
Not To Get Excited
Picture of wishfull thinker
posted Hide Post
Slow Saturday?


_______________________

 
Posts: 5986 | Location: Washington | Registered: November 06, 2006Reply With QuoteReport This Post
Member
posted Hide Post
Complaining about a raise?? You know you can work and still get Social Security?
 
Posts: 14572 | Location: Stuck at home | Registered: January 02, 2015Reply With QuoteReport This Post
Page late and a dollar short
posted Hide Post
Yeah.

And for added pleasure you get to pay SS tax on your earnings and in probably most cases to no benefit to your monthly benefit. Remember SS is calculated on your highest earnings over a certain period, three years if I remember right. In my case I’m earning nowhere near what I did while working full time.

So in effect as it’s said those presently working are paying the retirees benefit so by doing this I’m paying myself my benefits too!


-------------------------------------——————
————————--Ignorance is a powerful tool if applied at the right time, even, usually, surpassing knowledge(E.J.Potter, A.K.A. The Michigan Madman)
 
Posts: 7409 | Location: Livingston County Michigan USA | Registered: August 11, 2002Reply With QuoteReport This Post
Member
posted Hide Post
To be clear, this is an explanation, not a defense. Dollar down rounding is in the law. Benefits by law are calculated in this matter. It's not a scheme run by SSA employees. It is in accordance with federal law. Anyone not happy with this should understand that the politicians set the law.

It all has to do with a federal budget bill that passed in the 80s, when lawmakers were working to shore up social security. They changed policy, which used to be to round calculations to the nearest penny, to round down to the nearest dime in their calculations, and the nearest dollar in the final benefit.

https://secure.ssa.gov/poms.nsf/lnx/0300601020
 
Posts: 869 | Location: New Jersey  | Registered: May 03, 2019Reply With QuoteReport This Post
Member
posted Hide Post
quote:
Originally posted by shovelhead:
Yeah.

And for added pleasure you get to pay SS tax on your earnings and in probably most cases to no benefit to your monthly benefit. Remember SS is calculated on your highest earnings over a certain period, three years if I remember right. In my case I’m earning nowhere near what I did while working full time.

So in effect as it’s said those presently working are paying the retirees benefit so by doing this I’m paying myself my benefits too!


For almost everyone reading this who is filing for retirement, or has already filed, your benefits are based on the highest 35 years of your work history, not the highest 3 years. Once you start collecting, the highest 35 years can change if you keep working. But only if your current earnings will replace a lower year of earnings in the highest 35. Put another way, if you start collecting retirement, but continue to work making very minimal earnings, you won't make enough to replace a lower year with a higher year. Although I will say that a good percentage of people who work after retirement do increase their monthly benefits based on new earnings. In fact, it was very common for people to come in and say in more polite terms than this - you government bureaucrats must have screwed up. I got this extra check and you raised my amount. I don't want to have to pay back money based on your screw up. So then we would explain to them that it's not a mistake and you have been given credit for additional earnings. (Unfortunately, almost always the check comes before the letter explaining the increase.) So we give them the explanation, then tell them they'll get a letter in a week or two explaining the increase.

How your benefits are calculated: (the link is safe) It's a pamphlet.
https://www.google.com/url?sa=...vhQPFqVleoKJ0588dvUo
 
Posts: 869 | Location: New Jersey  | Registered: May 03, 2019Reply With QuoteReport This Post
Distinguished Pistol Shot
posted Hide Post
quote:
Originally posted by ZSMICHAEL:
Complaining about a raise?? You know you can work and still get Social Security?


Yes you can. But if you make too much they take back some of your SS. And that threshold has never been adjusted for inflation.
 
Posts: 749 | Location: South Central MO | Registered: August 25, 2011Reply With QuoteReport This Post
Baroque Bloke
Picture of Pipe Smoker
posted Hide Post
quote:
Originally posted by Fed161:
To be clear, this is an explanation, not a defense. Dollar down rounding is in the law. Benefits by law are calculated in this matter. It's not a scheme run by SSA employees. It is in accordance with federal law. Anyone not happy with this should understand that the politicians set the law.

It all has to do with a federal budget bill that passed in the 80s, when lawmakers were working to shore up social security. They changed policy, which used to be to round calculations to the nearest penny, to round down to the nearest dime in their calculations, and the nearest dollar in the final benefit.

https://secure.ssa.gov/poms.nsf/lnx/0300601020

Thanks much for the very clear explanation Fed.



Serious about crackers.
 
Posts: 7332 | Location: San Diego | Registered: July 26, 2014Reply With QuoteReport This Post
Member
posted Hide Post
quote:
Originally posted by ZSMICHAEL:
Complaining about a raise?? You know you can work and still get Social Security?


Yes you can. But if you make too much they take back some of your SS. And that threshold has never been adjusted for inflation.

^^^^^^^^^^^^
True. But the diabolical means testing for Medicare is much more troublesome. Pure socialism is all it is. The folks in DC know how to pick your pockets.
 
Posts: 14572 | Location: Stuck at home | Registered: January 02, 2015Reply With QuoteReport This Post
Void Where Prohibited
Picture of WaterburyBob
posted Hide Post
quote:
Originally posted by dgshooter:
quote:
Originally posted by ZSMICHAEL:
Complaining about a raise?? You know you can work and still get Social Security?


Yes you can. But if you make too much they take back some of your SS. And that threshold has never been adjusted for inflation.

I thought that only applied if you started collecting before reaching full retirement age?



"If Gun Control worked, Chicago would look like Mayberry, not Thunderdome" - Cam Edwards
 
Posts: 16125 | Location: Under the Boot of Tyranny in Connectistan | Registered: February 02, 2005Reply With QuoteReport This Post
Member
posted Hide Post
/QUOTE]
I thought that only applied if you started collecting before reaching full retirement age?[/QUOTE]

You are correct. This link gives a clear explanation.
https://www.ssa.gov/benefits/r...er/whileworking.html
 
Posts: 869 | Location: New Jersey  | Registered: May 03, 2019Reply With QuoteReport This Post
Member
Picture of 229DAK
posted Hide Post
quote:
Complaining about a raise??
So, if your boss promised you a certain percent raise and you got something less than what he/she promised you, you're okay with that? Well, bless your heart.
quote:
Slow Saturday?
You were a great help. Roll Eyes
quote:
Dollar down rounding is in the law.
Understand. Then I should have received $x,x71.00. Instead, I get $x,x70.80. Apparently, SSA is not dollar rounding for monthly SS benefits, since I get the eighty cents. Dime rounding down doesn't seem to work in this case, either. But, as ZSMICHAEL noted, I'll just be happy I got a 'raise' and be done with it.


_________________________________________________________________________
NRA Life Member, Rifle & Pistol Instructor and Range Safety Officer

“A man’s treatment of a dog is no indication of the man’s nature, but his treatment of a cat is. It is the crucial test. None but the humane treat a cat well.”
-- Mark Twain, 1902
 
Posts: 8421 | Location: Northern Virginia | Registered: November 04, 2005Reply With QuoteReport This Post
Member
posted Hide Post
Press release #1: Social Security benefits will increase 8.7% in 2023.

Press release #2: Social Security benefits will increase 8.7% in 2023. However it is adjusted for dime down and dollar down rounding which may affect the actual benefit by a very small fraction of a percent.

Press Release 2 is more accurate, but that's never going to happen. Don't forget that dollar down rounding is a matter of law, not a "trick" or "scheme" by SSA.

Regarding Medicare, it is only partially funded by medicare premiums and the portion of FICA tax that is dedicated to Medicare. A significant portion comes from general revenues, the same pool of money that funds defense and everything else. Put more crudely, since Medicare has never been self funded, it's always been in part a subsidy program for senior citizens.
 
Posts: 869 | Location: New Jersey  | Registered: May 03, 2019Reply With QuoteReport This Post
Member
Picture of 229DAK
posted Hide Post
quote:
Don't forget that dollar down rounding is a matter of law, not a "trick" or "scheme" by SSA.
Got it.

I just don't see how any 'rounding' is working in my case.

C’est la vie.


_________________________________________________________________________
NRA Life Member, Rifle & Pistol Instructor and Range Safety Officer

“A man’s treatment of a dog is no indication of the man’s nature, but his treatment of a cat is. It is the crucial test. None but the humane treat a cat well.”
-- Mark Twain, 1902
 
Posts: 8421 | Location: Northern Virginia | Registered: November 04, 2005Reply With QuoteReport This Post
thin skin can't win
Picture of Georgeair
posted Hide Post
Maybe because the difference in the two at even a $4K/month clip is about 26. Cents. Roll Eyes



You only have integrity once. - imprezaguy02

 
Posts: 11661 | Location: Madison, MS | Registered: December 10, 2007Reply With QuoteReport This Post
  Powered by Social Strata Page 1 2  
 

SIGforum.com    Main Page  Hop To Forum Categories  What's Your Deal!    Social Security Benefit for 2023 (8.7% Increase)

© SIGforum 2022