6 ways Social Security will be changing in 2020:
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Donald Trump has thrown out lowering the payroll tax in an attempt to spur the economy. If the government takes this action, the Social Security trust fund would likely be depleted faster.GettyFor those still a few years away from retirement, those born in 1960 or later, the full retirement age has increased to 67. You will still be able to start taking Social Security Retirement Benefits at age 62, but with reduced monthly payments.
. 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.I would not find that a pleasant standard of living here in Los Angeles
Hopefully, everyone reading this will have more income than that to live off in retirement. If so, 85% of your Social Security benefits will be taxable. That is assuming you have an income in retirement above $34,000 or $44,000 as a married couple.6) End of Two Great Social Security Maximization Strategies
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