5. Increase in Maximum Benefits When Retiring at Full Retirement Age
The size of the Social Security benefit primarily depends on a person’s full retirement age and the size of the person’s lifetime earnings. The more you earn and the longer you hold off claiming retirement benefits, the bigger the monthly paycheck you’ll receive.
Despite the Social Security shakeups that may change some thresholds or requirements, some things stay the same. What you should know is that the SSA gathers data on up to 35 of the years you earned the most.
The agency indexes those earnings for inflation so that income you earned in, let’s say, 1995 is revised to reflect what that income will not be worth in today’s dollars. The money you make after age 60 that qualifies as one of your highest-earning years is also included at its actual value.
As you may now know, the SSA decreases your benefit if you retire before reaching your full retirement age, and it boosts your benefit if you delay retirement until after your full retirement age (but only up to age 70).
This may not be among the most important Social Security shakeups of this year, but it’s still essential to be aware of it.
15 Responses
Tell Biden stop the federal tax on our SSI benefits. It was HE who cast the tie breaker vote to tax SSI way back when. I have already paid taxes on SSI when i was working and Iam taxed AGAIN when i collect. WHY??????????????????????!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
I agree double tax makes no sense
Thankfully you make enough to be taxed. Certainly not on SSI, though.
Totally agree with stopping the taxation of benefits. The government will do anything they can to steal money from us.
Agreed!
Please STOP FEDERAL TAXES to Social Security.
Mr Biden, we already pay taxes and now the retirement is more poor than before.
Rectified what was wrong.
Thanks
SSI is pretax. That’s why you are being taxed.
This will be revised in certain. When he’s out of office
Im a 100% disabled veteran service related conditions, that the VA deem me unemoyable due to those service related condition/ injuries.
I applied for SSI exactly 270 days ago.
Ive TDIU by the VA since 02/0723 ( total disabled insured unemployable) in clear and precise im forbidden to work due to injuries sustained while serving my country. How much will i be able to draw from SSI? Im 60 now
STOP Federal Tax on America BENEFITS.
They so called elected need tax the Rich not the poor to save Social Security . People living and working on social security should not be getting taxes for earning after 62 it’s foolish and irresponsible to abuse working seniors by taking advantage of there earned incomes!
Inflation has NOT fallen! Groceries are as high or higher than ever! It is ridiculous! Water bills in our area is a big scam. They charge us twice the amount of the water charge, for what they call a pollution abatement, and no one can explain it to us! That is just one thing the seniors are facing, and we should not have to worry about this kind of thing, when we have worked hard all our lives! When the previous President took away our right to count the interest charged to us on our mortgage in our tax filing which hurt the working class terribly, but what did he care, a rich arrogant man from a rich family, why did he care? He didn’t! If social security had not been treated like everybody’s slush fund to dip into and had to pay interest on it the whole time we were paying into it, we would really be set for life, but no, they did not pay interest.
Seniors Scammed, taxed while working, while receiving, punished and not protected 89 years! Grandparents and Parents in poverty until deaths, asking what is wrong with federal goverment?
Goverment needs to keep hands off of it. Like to know how much taken out so far.
They need to stop taxing S/S benefits…its double taxation. We already paid taxes on the money.
Also the Democrats took huge amount out of the fund with a promise to put it back,
Lynden Johnson administration BUT NEVER DID!!!!! DO IT NOW !!! Other stuff can wait!!!!!
Biden is draining everything to pay for all the garbage that is passed thru Congress enough
already. Our seniors need what they are entitled before shipping it over seas to other countries
who don’t give us a dime and many times trash us. Open borders comping all invaders getting
priorities……..bad deal…It’s about time….America First…