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That's because changing Social Security benefits required an act of Congress-literally. It took until 1950 for Congress to approve the first adjustment to Social Security benefits, an across-the-board increase of 77%. 3 Future increases were far from annual and also required Congress to pass legislation.
Income spike can reduce Social Security benefits. Blame the temporary reduction on higher Medicare premiums. Retired clients are often surprised â and sometimes angry â when they receive a notification from the Social Security Administration that their monthly Social Security benefits will decline for the coming year.