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Social Security Changes for 2021

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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.

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About the author

Athena Stone, MS, MPAS, CRPC, AIF®

Athena Stone, MS, MPAS, CRPC, AIF®

Athena K. Stone has been with Attentive Investment Managers, Inc. since 2003, is an Investment Advisor and the Chief Compliance Officer for the company. Mrs. Stone earned her Chartered Retirement Planning Counselor (CRPC) designation in 2010 from the College for Financial Planning. She received the designation of Accredited Investment Fiduciary (AIF) from Fi360 in 2011. She earned her Bachelor of Arts Degree in Organizational Leadership from Brandman University in 2012 and her Master of Science in Financial Planning and Designation of MPAS (Master Planner Advanced Studies) from the College for Financial Planning in 2018.

 

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Thursday, 21 November 2024

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