Federal Soup
»
RETIREMENT
»
Retirement Planning
»
Notice of SS benefits ignores COLA
Retirement Planning
Whether you are close to federal employee retirement or just starting out in your career, this is the place to share ideas with your federal colleagues on creating a secure financial foundation.
To read today's top news stories on federal employee related news visit FederalDaily.com.
Rank: Member
Groups: Registered
Joined: 1/12/2009(UTC)
Posts: 26
Thanks: 1 times
|
I applied for social security benefits in early November ahead of my 70th birthday next March. Since a 5.9% COLA was announced in mid-October, I was surprised that the benefit amount shown on the online application was the same as what was projected for age 70 at the beginning of the year. I thought there might be a lag in getting the COLA into their system, but I just received a confirmation letter that shows the same amount. Is the first year of benefits not subject to the COLA?
|
|
|
|
|
|
Rank: Senior Member
Groups: Registered
Joined: 6/30/2009(UTC) Posts: 451   Location: the moral high ground Thanks: 7 times
Was thanked: 44 time(s) in 34 post(s)
|
It's prorated.
5.9% / 12 months is roughly 1/2 percent per month.
The cola would be roughly 1 percent for a November retirement.
Benefits starting December would be near 1/2 percent.
I don't know how Social Security rounds such things but, I always seem to get truncated. |
Retired July 2011 |
|
|
|
|
|
Rank: Senior Member
Groups: Registered
Joined: 1/13/2011(UTC)
Posts: 701
Was thanked: 135 time(s) in 109 post(s)
|
Social Security COLAs are definitely not prorated. You will receive the entire 5.9% increase.
This is more than likely just a timing issue. SSA doesn't convert to the December operating month until the latter part of November. It is at that time that all their systems are updated to reflect the new benefit amounts effective in December.
|
|
|
|
|
|
Rank: Senior Member
Groups: Registered
Joined: 1/18/2011(UTC)
Posts: 567
Thanks: 2 times
Was thanked: 102 time(s) in 82 post(s)
|
I received an email from Social Security in mid October that stated COLA notices would be mailed out throughout the month of December and can also be viewed online via the my social security message center beginning in early December. |
|
|
|
|
|
|
Rank: Senior Member
Groups: Registered
Joined: 6/30/2009(UTC) Posts: 451 Location: the moral high ground Thanks: 7 times
Was thanked: 44 time(s) in 34 post(s)
|
Stand corrected.
Had pension on the brain when I typed above.
Social Security cola isn't prorated.
|
Retired July 2011 |
 1 user thanked for this useful post.
|
|
|
|
Rank: Member
Groups: Registered
Joined: 1/12/2009(UTC)
Posts: 26
Thanks: 1 times
|
This is a test. I have been getting a 403 Server error whenever I try to post a reply here since November. Re: see these discussions in the Federal Soup 2.0 forum: 'Trouble posting' and 'Why is it forbidden for me to post'... an apparent side-effect of last Fall's change-of-ownership and subsequent server migration. Some of the replies in those discussions offered tips such as avoiding the use of special characters such as parentheses and avoiding copying-and-pasting from a text editor. I also used quick reply for this post, although I don't know if that makes any difference. Edited by user Thursday, January 6, 2022 7:34:11 AM(UTC)
| Reason: Not specified
|
|
|
|
|
|
Federal Soup
»
RETIREMENT
»
Retirement Planning
»
Notice of SS benefits ignores COLA
Forum Jump
You cannot post new topics in this forum.
You cannot reply to topics in this forum.
You cannot delete your posts in this forum.
You cannot edit your posts in this forum.
You cannot create polls in this forum.
You cannot vote in polls in this forum.
Facebook
Twitter