Quote:
Originally Posted by shcisamax
This may be a silly question but I have not yet begun to take SS and am unclear. When they say there is a 1.5% COLA increase, on what number are they increasing? Is it on some original base? Or is it on the monthly payment at which time you begin collecting? And then when they give the next increase, do they give the percentage increase on the prior increase or on an original amount?
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I believe it's the increased amount, on what you are presently getting, before they take the part B premium amount assuming you are on a Medical Advantage Plan.
If one were to receive $2000/month from SS times 1.5%, the amount would be $30. If you had a part B premium taken out, (usually, 105/month), your net would be $1925.
I hope this helps you.
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