Anyone else shocked by the increase in their Social Security benefits?

[Turtle]

I was reading various sites during a slow workday, and finally decided to check out opensocialsecurity.com

Their recommendation was exactly the same as what I had worked out was the best option.  Go me.  :)

What a great thread!

I looked up my benefits and it says that I'll get X amount if I earn at least Y every year until I claim benefits. Can that be correct?  Is this telling me I have to keep working??

My particular situation has nothing to do with whether or not I ever earn another employment related dollar in my life, actually.

[oldtoyota]

I was reading various sites during a slow workday, and finally decided to check out opensocialsecurity.com

Their recommendation was exactly the same as what I had worked out was the best option.  Go me.  :)

What a great thread!

I looked up my benefits and it says that I'll get X amount if I earn at least Y every year until I claim benefits. Can that be correct?  Is this telling me I have to keep working??

My particular situation has nothing to do with whether or not I ever earn another employment related dollar in my life, actually.

That's cool! Great planning.

I was wondering about whether social security would really decrease each year I don't earn income until I decide to claim benefits. My estimated benefit decreased this past year, so I suppose that will continue and erode my monthly payment unless I earn a certain amount.

[tj]

I was reading various sites during a slow workday, and finally decided to check out opensocialsecurity.com

Their recommendation was exactly the same as what I had worked out was the best option.  Go me.  :)

What a great thread!

I looked up my benefits and it says that I'll get X amount if I earn at least Y every year until I claim benefits. Can that be correct?  Is this telling me I have to keep working??

My particular situation has nothing to do with whether or not I ever earn another employment related dollar in my life, actually.

That's cool! Great planning.

I was wondering about whether social security would really decrease each year I don't earn income until I decide to claim benefits. My estimated benefit decreased this past year, so I suppose that will continue and erode my monthly payment unless I earn a certain amount.

Go to http://ssa.tools and input your historical earning data you can see what working each additional year accomplishes.

Spoiler: It's a tiny fraction compared to additional $$$ from additional years of salary.

[SpareChange]

Checked my estimated benefits and SS in the last week or so has updated them for the newest AWI. Just over a 5% increase. I'll take it.

It's that time of year again...not quite as big an increase, but still nice. If I put in 0 for future earnings the yoy increase is about 4.25% at 62 for me.

[mistymoney]

Checked my estimated benefits and SS in the last week or so has updated them for the newest AWI. Just over a 5% increase. I'll take it.

It's that time of year again...not quite as big an increase, but still nice. If I put in 0 for future earnings the yoy increase is about 4.25% at 62 for me.

Thanks for keeping an eye on this! I just checked last week or so ago and nothing. finally updated! And it is a nice bumb too.

So excited to update the spread sheet :)

[mistymoney]

wow! my monthly benefit at 70 went up by over $150!

super pleased!

[SpareChange]

wow! my monthly benefit at 70 went up by over $150!

super pleased!

$116 for me. It's reassuring that my benefit at 70 is staying ahead of my annual expenses. I think my earnings this year will add close to another $79/mon. Sweet.

[mistymoney]

wow! my monthly benefit at 70 went up by over $150!

super pleased!

$116 for me. It's reassuring that my benefit at 70 is staying ahead of my annual expenses. I think my earnings this year will add close to another $79/mon. Sweet.

I've been guesstimating on that one too, but this col adjustment is definitely the largest piece of it. I have only 2 years of earnings to add to the pot (2024 and 2025) so seeing it get to be a more significant chunk of the estimated budget is very welcome.

[Dicey]

I just hit FRA. If I collect now, it will be about $3100/month. If I wait until 70, it will be almost $4k/month. What to do, what to do?

[secondcor521]

I just hit FRA. If I collect now, it will be about $3100/month. If I wait until 70, it will be almost $4k/month. What to do, what to do?

If it's a serious question, I think highly of https://opensocialsecurity.com.

[SpareChange]

wow! my monthly benefit at 70 went up by over $150!

super pleased!

$116 for me. It's reassuring that my benefit at 70 is staying ahead of my annual expenses. I think my earnings this year will add close to another $79/mon. Sweet.

I've been guesstimating on that one too, but this col adjustment is definitely the largest piece of it. I have only 2 years of earnings to add to the pot (2024 and 2025) so seeing it get to be a more significant chunk of the estimated budget is very welcome.

My bad...increase is $87 at 70, not $116. Still nice, but I'll trade ya :p. $2116 is the new benefit at 70 lol. I still have several zeroes on my record. Doubt I'll fill in all of them but I might get close. You probably have a really good idea of what your final benefit will look like at this point.

[jim555]

Just checked, mine went up 4.4% from the last statement.  I have no wage income for the last year.

[mistymoney]

Just checked, mine went up 4.4% from the last statement.  I have no wage income for the last year.

wage based increases come out in february, this was just the inflation adjustment.

[mistymoney]

wow! my monthly benefit at 70 went up by over $150!

super pleased!

$116 for me. It's reassuring that my benefit at 70 is staying ahead of my annual expenses. I think my earnings this year will add close to another $79/mon. Sweet.

I've been guesstimating on that one too, but this col adjustment is definitely the largest piece of it. I have only 2 years of earnings to add to the pot (2024 and 2025) so seeing it get to be a more significant chunk of the estimated budget is very welcome.

My bad...increase is $87 at 70, not $116. Still nice, but I'll trade ya :p. $2116 is the new benefit at 70 lol. I still have several zeroes on my record. Doubt I'll fill in all of them but I might get close. You probably have a really good idea of what your final benefit will look like at this point.

I have the full 35 years, unfortunately!

But in 2024 and 2025 will be replacing very low earning years with much higher earnings. my estimate is that the 2024 earnings will up the benefit about $57 a month.

[jim555]

Just checked, mine went up 4.4% from the last statement.  I have no wage income for the last year.

wage based increases come out in february, this was just the inflation adjustment.

There are two adjustments depending on your age.  The AWI (average wage index) is used before you are eligible for SS, that was 4.4%.  The CPI COLA is for those getting SS, that was 2.5%.

[mistymoney]

Just checked, mine went up 4.4% from the last statement.  I have no wage income for the last year.

wage based increases come out in february, this was just the inflation adjustment.

There are two adjustments depending on your age.  The AWI (average wage index) is used before you are eligible for SS, that was 4.4%.  The CPI COLA is for those getting SS, that was 2.5%.

oh - will we stay on the awi until claiming even if at 70? Or would it switch to the cpi cola at FRA?  or earlier?

[secondcor521]

Just checked, mine went up 4.4% from the last statement.  I have no wage income for the last year.

wage based increases come out in february, this was just the inflation adjustment.

There are two adjustments depending on your age.  The AWI (average wage index) is used before you are eligible for SS, that was 4.4%.  The CPI COLA is for those getting SS, that was 2.5%.

oh - will we stay on the awi until claiming even if at 70? Or would it switch to the cpi cola at FRA?  or earlier?

From what I read on another board, it's AWI up to about age 60 and CPI after 62, regardless of when you claim.  There are two years in there where neither are applied.

[mistymoney]

Just checked, mine went up 4.4% from the last statement.  I have no wage income for the last year.

wage based increases come out in february, this was just the inflation adjustment.

There are two adjustments depending on your age.  The AWI (average wage index) is used before you are eligible for SS, that was 4.4%.  The CPI COLA is for those getting SS, that was 2.5%.

oh - will we stay on the awi until claiming even if at 70? Or would it switch to the cpi cola at FRA?  or earlier?

From what I read on another board, it's AWI up to about age 60 and CPI after 62, regardless of when you claim.  There are two years in there where neither are applied.

wait - what? It is frozen when you are 60 until 62??

[mistymoney]

what if you still working?!!

[MrGreen]

what if you still working?!!

AWI increases cease two years before eligibility, so the AWI at 60 becomes the permanent wage figure regardless of whether one continues to work.

[mistymoney]

what if you still working?!!

AWI increases cease two years before eligibility, so the AWI at 60 becomes the permanent wage figure regardless of whether one continues to work.

wow, that is a complete let down!

I'm crushed!

[MrGreen]

what if you still working?!!

AWI increases cease two years before eligibility, so the AWI at 60 becomes the permanent wage figure regardless of whether one continues to work.

wow, that is a complete let down!

I'm crushed!

To clarify, that's just the figure used to adjust previous year's earnings for inflation. You can still earn income that will increase your monthly Social Security check.

[Dee18]

Dicey- When I was at FRA I read a study that said if you go ahead and take SS at FRA and invest what you don't need you will probably come out ahead.  Part of what I liked about taking it then was having my medicare payments taken out of my SS, although I realized that was not a financial based reason to take it.

[jim555]

what if you still working?!!

AWI increases cease two years before eligibility, so the AWI at 60 becomes the permanent wage figure regardless of whether one continues to work.

wow, that is a complete let down!

I'm crushed!

I turn 60 in 2025 and my statement went up by 4.4% so I am kind of confused on how this all works.

[MrGreen]

what if you still working?!!

AWI increases cease two years before eligibility, so the AWI at 60 becomes the permanent wage figure regardless of whether one continues to work.

wow, that is a complete let down!

I'm crushed!

I turn 60 in 2025 and my statement went up by 4.4% so I am kind of confused on how this all works.

The Average Wage Index runs two years behind. So for next year, the 2023 AWI was just released, which is 4.43% higher than 2022. So your increase in benefits tracks that perfectly. Since you turn 62 in 2027, the 2025 AWI (released in two years) will become the set-for-life value to which all your previous year's wages will be adjusted against. Any future inflation adjustments to your benefit will have to come via the COLA adjustment.

Edit: corrected wrong year typo