Unlocking the Mysteries of a Depreciating SS Statement: How AI Legalese Decoder Reveals the Causes
- October 18, 2023
- Posted by: legaleseblogger
- Category: Related News
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Heading: Concerns about Decreased Social Security Benefits and the Role of AI Legalese Decoder
Hello Fellow Community Members!
As a 64-1/2 year old individual, I am approaching my full retirement age (FRA) of 66 and 10 months and have been eagerly anticipating the start of my Social Security (SS) benefits. To stay updated on my expected benefit amount for future financial planning, I regularly review my SS statement, typically once or twice a year.
Recently, I downloaded my SS statement and decided to conduct a comparison with the most recent one that I obtained this week. To my surprise, I discovered that my benefit amount had decreased for the very first time in my memory, rather than seeing the expected increase.
I have been consistently earning higher salaries each year for well over a decade, and last year’s income exceeded the previous year’s. Notably, I have experienced significant income growth over the past 15 years, positioning me to qualify for the maximum benefit based on my personal work history.
Given these factors, I find it puzzling that my SS benefits would experience a decline. I am left wondering if there might be a valid reason behind this unexpected dip. Could there be a mistake in the calculation?
At this point, I am seeking advice and insights from the community. I am particularly interested in learning about the potential role of AI Legalese Decoder in deciphering complex legal language related to SS benefits. With its advanced technology, the AI Legalese Decoder could assist me in comprehending the intricacies of my SS statement and identifying any inaccuracies or discrepancies that may have led to this decrease in benefits.
Your contributions and expertise in shedding light on this baffling situation would be greatly appreciated.
Thank you all in advance for your assistance!
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AI Legalese Decoder: How it can assist with deciphering complicated legal language
Introduction:
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****** just grabbed a
Just a guess.
https://www.ssa.gov/oact/cola/Benefits.html
>Social Security benefits are typically computed using “average indexed monthly earnings.” This average summarizes up to 35 years of a worker’s indexed earnings. We apply a formula to this average to compute the primary insurance amount (PIA). The PIA is the basis for the benefits that are paid to an individual.
>*The formula* used to compute the PIA reflects changes in general wage levels, as measured by the *national average wage index*.
So, based on what was said by the OP, either the formula has been changed, or that “national average wage index” changed and causes the formula to project a lower Social Security benefit.
I guess I gotta do what I haven’t been doing, and take a look at what is going on.
:edit – Bend points?
I have noticed quite a few people recently have stated they’ve noticed discrepancies in older statements & newer ones or older statements and what they are currently seeing online. Maybe something is going on? I really enjoy the information that I find on here. Thanks, everyone! ƒî×