6 ways Social Security will be changing in 2020:
For many of you, Social Security will be a major part of your retirement income. Which is why you need to know how it is changing in 2020.
Every day, 10,000 or so baby boomers are turning 65. Some of you have probably already retired. Many are likely counting the days until they can leave the full-time workforce. For many of you, Social Security will be a major part of your retirement income. With that in mind, it is important to know how Social Security will be changing for 2020.
Without some major action from Congress, the current excess trust fund revenue will be depleted by the year 2034. If this occurs, it is estimated that Social Security would only be able to pay less than 80% of the promised benefits from ongoing payroll taxes.
Low inflation is a good thing for consumers, as it means pricing isn’t going up that quickly. On the other hand, lower inflation numbers mean small cost of living increases for your Social Security benefits. In case you didn’t know, your Social Security benefits may be increased each year, partially depending on inflation numbers.
. No individual at full retirement age can take home more than $2,861 per month, regardless of their pre-retirement income. This number can be increased by delaying Social Security until the age of 70. Oprah won’t get more than this at full retirement age, neither will you.
. You can take home more than this amount in Social Security benefits if you delay your benefits until you reach the age of 70, but still, it would be rough to get by in most big cities.
Yes, your Social Security benefits are taxable. The amount that is hit with taxes will depend on household income levels. Just fifty percent of your benefits will be taxed if your income is between $25,000 and $34,000 as an individual. That goes up to $32,000 to $44,000 for a married couple, still another example of the marriage penalty.
smart couples maximize their Social Security benefitsRead more: Forbes
Well there goes my 906$ a month Most people's utility bills are more than this + insurance on the home & property taxes.. I forgot i do not get to eat, I have to use that money for gas. Life is wonderful. The bill is sitting on Moscow Mitch's desk to fix all this. Would change the lives of millions of Americans and boom our economy. But why would some sleazy rich guy from Kentucky care about his country enough to pick up a piece of paper and sign it?
Elizabeth Warren proposes major expansion of Social SecuritySen. Elizabeth Warren on Thursday unveiled a proposal to overhaul and expand Social Security, beefing up benefits with a hike in payroll and investment incomes taxes on some of the country's wealthiest households. I thought the House already had passed plan to raise social security and strengthen it, the raise would be about $200 a month Are you paying for the increase? The fake Indian, a person without integrity, spouts off all kinds of grand things in an effort to buy votes. But there is no money to pay for it. CNN is an ASSET for the democrats, socialist/communist.
Warren unveils far-reaching Social Security planWarren’s proposal would increase payroll taxes and establish new investment taxes on the highest-earning Americans. gillsterein She’s lurched center with her not-really-Med4All plan, so it’s either a net wash or perhaps even an inch towards the center Vote DEMOCRATIC no matter who. No one can sit home because the candidate that they supported is not on the ballot. Don’t get mad VOTE and get the REPUBLICANS OUT OF DC. it is a must for the survival of our democracy. Vote Democratic all the way no matter who!! The middle class can’t pay anymore!
Elizabeth Warren proposes sweeping increase in Social Security benefits, financed by wealth taxesSen. Elizabeth Warren proposed an across-the-board increase in Social Security benefits, financed by new taxes on high-income Americans. Socialism She will not be well received by Wall Street she will lose should she get the nomination Free free free
Elizabeth Warren’s Social Security Plan: Raise Benefits by $200 a MonthElizabeth Warren unveiled a plan to give all recipients of Social Security benefits an extra $200 per month and to pay for it by raising taxes on the rich Even SHE admits it won’t work: Love it Communist
A top Senate Democrat unveils plan to revamp the capital gains tax, fund Social SecuritySen. Ron Wyden, the ranking Democrat on the Senate finance committee, proposes raising taxes on capital gains to the same rates as ordinary income. Will they get to Mark to Market their unrealized losses? Of coarse a thieving Democrat wants to take other people’s hard earned money! Lower capital gains tax.
Elizabeth Warren Urges New Social Security Taxes on WealthySen. Elizabeth Warren is proposing new taxes on wealthy Americans for the Social Security trust fund, making her the latest Democratic presidential hopeful looking to tap the coffers of the nation’s top earners. Hell yes. the problem with all ponzi schemes is eventually you run out of other people's money! 🙄👎