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Why your Social Security check might be lower
Despite the largest increase in the Social Security COLA in forty years for 2022 some people may still see a lower Social Security payment this year. Jim Blankenship of MarketWatch explains how and why this can happen. Some of the reasons are these: you earned too much last year; changes to Medicare coverage; Medicare premium surcharge (known as IRMAA, for Income Related Monthly Adjustment Amount); WEP or GPO provisions; or increase in withholding tax. Full article here.
The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.