6 Social Security Facts That Will Affect Your Retirement ‼️
Today, we're going to offer six critical facts for retirees as it pertains to Social Security. But it's bonus time‼️ We've got a brochure and some other facts to help you as well. So grab that cup of coffee, Sit back, and let's get started‼️
If you're not aware, you can get your Social Security statement at SS.GOV It's important to download that on a yearly basis.
Be sure to download our Brochure here.....
it will help you work through some of the problems we go through. Social security is a big part of most folks retirement plan, and that's why we recommend a financial plan for everybody Because it's a big picture, we want to make sure we get the puzzle, all the pieces put together to help you as you go forward.
Good news, and some bad news. Social security this year had a 1.6% increase in their payouts. Why? Because they stick close to inflation, which has finally gone up a little bit, and I say finally, it's a good thing and bad thing. We have talked about inflation in the past, Looks like it's going to continue to rise. So we should see some increases to help pay those bills.
Taxable earnings limits rose to 137,000, up from 132,019. Meaning any dollars made above that 137 amount will not be taxed for Social Security.
Full retirement age continues to rise. (F. R.A) It's scheduled to continue to increase two months each year until 2022, which will be 67. Now, please understand my guess with all these deficit, that number is going to continue to rise to be determined, but we'll make sure we have you covered.
What do we have? Earnings limits are expected to increase. Social Security recipients who work will find their benefits temporarily reduced.
To recap, when it comes to if you're still working and you're receiving Social Security, there are some calculations and other changes as it pertains to this topic in 2020 include an increase in how much money you make when your working. Social Security recipients can earn before their benefits are reduced, and a slight, rise in disability benefits. I know this is a lot of information , please consider downloading the brochure, it is very helpful , and shows real life situations for you to better understand. Thanks for reading!