Q: I’ve heard that Social Security is cheating me and millions of other Americans out of Social Security benefits they are due because they round down to the nearest dollar when they are supposed to be rounding up. Is this true?
A: Well, it’s true … and it’s false. It’s true when you say that benefits are rounded down, but it’s false when you say that they are supposed to be rounded up. Here’s the story.
When Social Security first started in the 1930s, monthly benefit checks were paid in the exact amount, including dollars and cents. And the law specified that the final check should be rounded up to the nearest penny….