A 6.3% Increase in Social Security If You're Under 60?

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39 Responses

  1. John Smith says:

    Lucky me I get a 6.3% increase in SS that I will more than likely never receive.

  2. Sylvan dB says:

    I take away only that my parent's COLA of 5.9% is a higher percentage increase than my raise at work, including the promotion. 🙂

  3. Danny Atkinson says:

    Is my inheritance automatically subject to a taxable event? I would like to put it if any into a Roth which I do not have currently. I do have an IRA

  4. Ron spangle says:

    Great Info..And maybe answered my questions… Other blogs claim that you start COLAs at 62 …. Well, I started to believe that there was a mistake on my account . I retired at 58 and 11 months old, So basically I started retirement at 59 Years old . I went to SSA with concerns and they printed me off a sheet of what I will receive at 62, 66.5, and 70 . I'm almost 64 now and I haven't started SSa as of yet , But at 62 My account started about $100 more than what that sheet read , which is 3 years old then …. So I was thinking ,(not knowing about AWI), Even though I have been getting monthly increases , When I apply, will I get hit with a $100 mistake ? Well, after seeing this VID, Maybe not…. I have hopes that you are correct… Little Ditty here, My first year in the Army was 1976…. I made a little over $3600.. I hope this makes you feel better about the 9k you made…. LOL….

  5. Masterlee 43 says:

    I think around age 40 was when I started realizing our country doesn't do enough to take care of the elderly that worked all their lives and are now retired. At 63 now I believe that more than ever. Some of us are more fortunate in that we started in 401-k plans, even IRA'S at a young age, myself it was age 21. My issue with these increases is that they are not always what they seem to be. They just announced an increase in medicare part B for 2022, I think around $22 more a month. Not too bad, but you combine that with higher gas prices, food prices, and basically everything else right now then this 5.9% increase gets swallowed up fast. I know we will take what ever they give us, but it seems they take it back and more in other ways.

  6. Scott Engh says:

    When ssa can only pay out 75% in 2035, this may help. And help ssa to run out faster. Much of the $100 trillion of debt with non-funded government retirement funds peak. Just pointing out lots of possibilities. Who knows what will happen?

  7. Tricia Brown says:

    Great info! Why don't SS statements show the indexing? Seems like it'd be helpful.

    On the plus side, this should help make up for only getting 75 cents on the dollar (if I'm lucky).

  8. estateruby says:

    I think this information is wonderful, and I’ve used it. But, really if you just keep up on your Social Security Benefit Statement, you’ll know what you get, correct? Especially when you get near retirement. BTW, I contacted my US Senator about the inaction on the rapidly approaching SS shortfall. She said her position was if you’re retired or close to retirement, you wouldn’t be affected. Cuts will probably happen for younger people. And, since you like to bring politics up, she is an extremely conservative Senator. It’s probably going to happen no matter which party is in control.

  9. drbassface says:

    Does the SSA Site’s Calculator already Index earlier earnings years?

  10. Mark Krull says:

    I just turned 60 years old November 5 of this year. So my first year of eligibility would be 2023. Do I make it under the age 60 group? Anyone please help and let me know thank you

  11. npcwill says:

    So in all reality we can life hack our kids social security with a very large first years contribution ? Work the entire first year for free with a contribution !

  12. Michael Sullivan says:

    ? For Railroad retirement recipients( tier1 is aligned with SSec) best 35yrs. Full retirement age is 60 if 30yrs of service. Do these tables apply to RR as well?

  13. Michael McWhorter says:

    So being born in 1960 I will not get the COLA or AWI increase? I guess inflation doesn't affect me.

  14. doug m says:

    you got a small raise in ss, but medicare when up. so your small raise just got REAL small. the government give ith and take ith right back

  15. Yooperish says:

    I turned 60 in 2020 and retired. I didn’t get smoked by the 10% drop in awi that they were predicting at the beginning of Covid, but got only a 2.7% boost in awi for indexing all of my previous years of income in a year when cost of living went up 5.9%. The question you didn’t answer, but some of the responses seem to imply is that everyone loses out on one year of COLA, the year they turn 61, because awi factors in at 60 and COLA starts at 62 (and is first paid out at 63). It usually doesn’t matter, since everybody’s in the same boat, but it hurts when a year of low awi increase (or a decrease) is followed by a year of high inflation, a double whammy for my cohort of retirees. Am I interpreting that correctly?

  16. Bob says:

    Not working that long. Out around 57. Will have 37 working years in. Working a few more years does not move the needle enough to matter on what I would get if I worked till 62. Get a little more if working until 65 or later but the indexing on my earlier years makes up a good bit. Will rather have more years making experiences and travel than working for a paycheck.

  17. Mel Blacke says:

    Care to forecast what happens if you turn 60 this year?

  18. Liberty1776 says:

    Yea increase is good news for seniors , although Medicare is raising Part B premiums by 14 % in January. That means $172.00 a month. The Jimmy Biden (Carter) Administration did this late Friday night.

  19. dan says:

    Thanks for the video

  20. Chuck Burkett says:

    So the wage increases for 2020 turned out the 2.83% instead of the negative numbers people were predicting.

  21. JD says:

    How I understand the cola adjustment is, you’re not eligible for cola increases until the year you turn 62. The cola announced in 2021 does not apply to anyone born after January 1960. In other words you have to be 62 in 2021. Those less than 62 are compensated by indexing factors. Correct me if I’m wrong.

  22. Sergio Santana says:

    What am I missing.
    Wouldn't a 5.90% cola on your net social security benefit carry more weight than a 6.30% wage index on your 2021 w2 earnings .

  23. cing earth cingearth says:

    Wow ! But what was the increase the preceding year ?

  24. V Vince says:

    How does the AWI change the indexing factors. Does the 2021 index factor only change or does all of the previous years indexing factor increase?

  25. JD says:

    $2364 is the cap max for those retiring at 62 in 2022

  26. John Scott says:

    What about people who turned 60 in 2020? Do you think congress will take action to help them since their indexing year was so bad?

  27. Mark Keller says:

    Am I correct that the COLA increase applies to everyones future benefit? That portion has nothing to do with indexed wages. So if I would get $2200 @ age 62 on last years statement, this years statement will be $2200 x 1.059= new amount? Same as if I wait to 66 or 70….each year my benefit goes up by both the SS factor (delaying payments) and COLA, correct?

  28. Bruce67 says:

    Stopped working this year at 54 years old, how does that affect my social security?

  29. Alan Williams says:

    Josh… why doesn't the SSA do the indexing for us? It seems if there is a standard indexing formula for each year, and they know what our earnings were for those years, their super computers could spit this stuff out like first grade math.

  30. Thomas M59 says:

    fucked again. 61

  31. Dave Obrien says:

    I'm 60 in 3 weeks. My SS amount is $1865. a month when 62. If I just Quit working right now. Will that affect my $1865 a month check when I apply at 62?

  32. Brudha says:

    I'm a bit confused on the comparison between the two percentages you mention. Isn't the 5.9% COLA applied to the FULL social security monthly amounts currently being received whereas the 6.3% amount is only applied to ONE of the high-35 averaged years that go into determining the AIME? Obviously, one would be a lot better off with the 5.9% in gross dollar terms.

  33. robert ellis says:

    Another liberal trick —- no all people on ss need that amount and more

  34. Anthony Richardson says:

    Good news… but Medicare premium increases will gobble up a chunk of the increase

  35. kenny hart says:

    Great video I was just wondering about this the other day

  36. Stephen Wolinski says:

    Im 59 that you for the great news and how clear you make it, Thank you

  37. Corkfish1 says:

    I thought inflation was transitory.

  38. Eli says:

    I'm 60 as of August 2021

  39. Scott Gebow says:

    I’m 65, so I guess I’m out of luck. I’m still working, and have yet to collect.

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