Social Security Changes for 2021
Here is what to expect next year for the Social Security program:
- Recipients will receive a 1.3% increase
- Maximum earnings subject to SS Tax increased to $142,800
- Working Social Security recipients can earn $50,520 before their benefits are reduced
- There is a slight rise in disability benefits
- Social Security tax rates remain the same for employees and self-employed
If you are eyeing retirement, it is a good idea to evaluate your benefit levels and your income expectations as you near your ideal date. Be sure to make an appointment with your financial advisor to discuss the ins and outs of income, taxes and your benefits.