Social Security Changes Coming In A Couple Months – Trump’s Move Will Affect Millions! | Trending News

2018-11-22T20:05:34+00:00 November 22nd, 2018|

hi there its WB and welcome to world broadcast YouTube channel before we get started make sure you hit the subscribe button and press Bell icon to never miss any latest news social security change is coming in a couple months Trump’s move will affect millions more than 62 million Americans receive Social Security benefits and the money that they receive every month goes a long way towards supporting their financial needs with benefits available either for retirees or those who become disabled Social Security plays a vital role in protecting people from financial hardship every year Social …

Continue reading… urity changes somewhat with many provisions getting updated on an annual basis below you’ll learn four important facts about Social Security for 2019 including how much a typical recipient can expect to get and what changes are happening over the coming year one benefits to go up 2.8 percent Social Security provides an annual cost-of-living increase to its recipients in order to make up for the impact of inflation the cola that will take effect at the beginning of 2019 was just announced last month and the amount was calculated to be 2.8 percent that 2.8 percent increase will boost what every beneficiary gets from the program the Social Security Administration SSA estimates that the average monthly benefit for retired workers in January 2019 will be 1461 dollars up thirty-nine dollars because of the cola calculation for couples who receive benefits for both members the average total family benefit of two thousand four hundred forty eight dollars per month will be 67 dollars higher than it would have been without the cola in addition family members will see sizeable increases a widowed parent with two children will see average total family benefits of two thousand eight hundred seventy six dollars up seventy nine dollars due to the olá a surviving spouse without qualifying children will get an average of 1386 dollars per month representing a $38 adjustment due to costs of living to a new full retirement age for some retirees in 2019 full retirement age is the age at which the SSA will pay you the base amount of benefits calculated from your work record but full retirement age has been in flux lately with older ages applying to those who were born later if you turn 62 in 2019 then your full retirement age is 66 and six months that’s two months older than it was for those who reached age 62 in 2018 what that means is that those who claim out their earliest possible moment will suffer a 27.5% reduction in their monthly payment compared to what their full retirement benefit would have been if they had waited by contrast if you’re older and turn 66 and 2019 you’ll be at your full retirement age on your 66th birthday because that’s the age that applies for those born between 1943 and 1954 three Social Security’s maximum benefit is on the rise 2019 retirees will be eligible for higher payments than those retiring in earlier years for a worker retiring at full retirement age the maximum benefit amount who rise seventy three dollars to two thousand eight hundred sixty one dollars per month the maximum Social Security payment available under the program depends on exactly when you retire those who take benefits at 62 will see their maximum monthly benefit rise just fifty one dollars to two thousand two hundred nine dollars however those who get benefits at 65 will see a jump to two thousand seven hundred fifty seven dollars per month up one hundred sixty eight dollars from year ago levels waiting until 70 won’t give quite as big a boon but the maximum will still be 72 dollars higher at three thousand seven hundred seventy dollars per month moreover even if you haven’t earned enough during your career to get the maximum benefit high-income individuals still will get almost that’s mont providing a nice supplement to other financial resources for Social Security’s maximum payroll tax is going up to Social Security gets money from taxes it collects through payroll withholding and the maximum tax goes up most years in 2019 earnings of up to one hundred thirty two thousand nine hundred dollars are subject to tax up four thousand five hundred dollars from last year’s limit employees pay 6.2 percent of their earnings up to that to mont and employers match that with a 6.2 percent payment of their own if you’re self-employed then you’re on the hook for the full twelve point four percent total if you earn more than that mont then you can expect to have an additional two hundred seventy nine dollars in taxes withheld from your paychecks this year for the majority of workers who don’t earn that much there won’t be an impact with the same six point two percent rate applying to whatever they earn few if any programs shoulder the importance or burden that Social Security does aside from providing disability insurance and survivors protection to tens of millions of working Americans it also the result a monthly benefit to over sixty two million people each month forty three point four million of whom are retired workers aged 62 and over more than three out of five of these aged beneficiaries are reliant on their monthly checks to account for at least half of their income this last point is what makes this next fact so worrisome Social Security is also in some deep trouble the latest annual report from the Board of Trustees predicts that Social Security will expand more than it generates in income this year for the first time since 1982 and this isn’t just a one-off change beginning in 2020 and for each subsequent year the program’s net cash outflow is expected to increase by 2030 for the nearly two point nine billion dollars in asset reserves currently held by the trust is projected to be gone paving the way for what could be a substantial cut to benefits president Trump’s indirect approach to strength and social security clearly something needs to be done to fix Social Security and President Donald Trump believes he has the answer generally sidestepping Social Security during his presidential campaign in 2016 Trump has long favored and directly resolving the program’s long-term 75 year cash shortfall in plainer terms Trump doesn’t want to change anything about how the program is currently set up rather he wants to adjust fiscal policy which would aim to grow the economy at a faster pace the purpose of increasing the u.s. GDP growth rate is twofold please don’t forget through liked and support our channel by press subscribe button thank you for watching