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View Full Version : Question on COLA for SS

shcisamax
11-19-2013, 12:07 PM
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?
2BNTV
11-19-2013, 12:27 PM
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?

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. :smiley:
shcisamax
11-19-2013, 05:37 PM
That's exactly what I was asking. Thanks 2BNTV
buggyone
11-20-2013, 06:47 PM
Regarding Social Security, do most in The Villages receive around $4000 per month and their spouses receive half that amount? That would be about $72,000 per year. Is that about what it averages here?
TexaninVA
11-20-2013, 08:36 PM
Regarding Social Security, do most in The Villages receive around $4000 per month and their spouses receive half that amount? That would be about $72,000 per year. Is that about what it averages here?

$4,000 /month for SS is not typical.

Average monthly Social Security benefit for a retired worker (http://ssa-custhelp.ssa.gov/app/answers/detail/a_id/13/)
JB in TV
11-20-2013, 08:41 PM
Maximum retirement benefit (http://ssa-custhelp.ssa.gov/app/answers/detail/a_id/5)

The maximum benefit depends on the age you retire. For example, if you retire at your full retirement age in 2013, your maximum benefit would be $2,533. But if you retire at age 62 in 2013, your maximum benefit would be $1,923. If you retire at age 70 in 2013, your maximum benefit would be $3,350.