How Do I Calculate My 3.6% Raise On My Social Security Payment In 2012?

by Mike Holman

It was recently announced that anyone receiving Social Security or SSI payments will get a 3.6% raise in 2012.  The big question everyone wants to know is exactly how much extra money they will be receiving next year?  This article will show you how to calculate your Social Security raise as well as calculate the new total payment including the raise.

How do I calculate my 3.6% raise on my social security benefits in 2012?

To figure out your exact Social Security increase you need to what 3.6% of your current amount is.

To do this – use a calculator and multiply your current payment by 0.036 – this will give you the amount of your raise.

For example, let’s say your current monthly payment is $825.12.

  • Get a calculator – either a real one or online calculator.
  • Type in “825.12” (or whatever your amount is). Don’t type in the quotes.
  • Press the “x” key – this is the multiplication key.
  • Type in “0.036” (without the quotes).
  • Press the equal key “=”.

The answer showing on the calculator is your raise.

Keep in mind that some people will see some of this raise reduced by increased Medicare Part B premiums.

How do I calculate my new total social security payment for 2012?

To figure out how much your total Social Security payment will be after receiving the 2012 COLA increase, you have to add 3.6% of your current amount to your current payment.

To do this – use a calculator and multiply your current payment by 1.036 – this will give you the amount of your raise.

For example, let’s say your current monthly payment is $825.12.

  • Get a calculator – either a real one or online calculator.
  • Type in “825.12” (or whatever your amount is). Don’t type in the quotes.
  • Press the “x” key – this is the multiplication key.
  • Type in “1.036” (without the quotes).
  • Press the equal key “=”.

The answer showing on the calculator is your raise.

Keep in mind that some people will see some of this raise reduced by increased Medicare Part B premiums.

 

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