2023 EP0204 | Peter Richon & Erin Kennedy Financial Updates | 3 Reasons Your Social Security Check May Be Lower

Despite a sharp increase in the #COLA for 2023, some people may see a lower Social Security payment this year. In this video, Peter Richon with Richon Planning and Erin Kennedy break down 3 possible reasons why:

1. You Earned Too Much Last Year: If you're under full retirement age and are collecting SS benefits while still working, there is a limit to the earnings you can receive.

2. You Made Changes to Your Medicare Coverage: If you made a change to your Medicare coverage, such as adding Part D, this will cause a deduction from your Social Security benefit check.

3. A Medicare Premium Surcharge Known as IRMAA

Peter also explains how to avoid the #IRMAA penalty and how to apply for an IRMAA waiver.

If your Social Security payment is lower this year, please feel free to reach out to Peter so you can determine if you should be making any changes when it comes to which account you tap first for income or if there are any other changes you should consider. Peter would be happy to sit down with you, free of charge. Just set up an appointment by calling (919) 300-5886 or by visiting www.RichonPlanning.com

#socialsecurity #createincome #retirement