Why did my Social Security check go down? You might've earned too much last year or there might have been changes to your Medicare coverage.
In spite of the largest cost-of-living adjustment in 40 years, some people will open their statement from Social Security and see that the payment they received actually went down from last year’s. What are the possible reasons this could have happened?
But they don’t just withhold $1—when you’ve breached the income limit, Social Security will withhold a full month’s check to cover their overpayment to you. Then in the following year, whatever the difference was will be added to your first check of the year. The only way to avoid this situation is to stay below the earnings limit. The exception is that once you’ve achieved Full Retirement Age, there is no longer a limit on your earnings. You can earn as much as you like and it will not negatively impact your Social Security benefit.This is relatively easy to understand.
If the increase to income was a one-time event , then your Medicare premiums should resume the normal level next year, or as soon as your income returns to normal levels. To avoid the IRMAA surcharge, pay close attention to your overall income and try to stay below those levels if possible.
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