Are there any Social Security changes coming this year? Yes, there are, and we are here to tell you everything about them. If we know something for sure, it is that every year something changes about Social Security, and almost every retired American and sometimes working ones will feel the effects of this.This is why it is good to know what these changes will be as soon as possible, so you can prepare yourself for them. Sometimes you can do nothing about it, but knowing what you will have to deal with can give you a real advantage.
So, let’s see the Social Security changes coming this year and how they impact you. Are you ready to find out?
1. Bigger incomes will be taxed more
Let’s start this properly and talk about the money business. This year is not the best year for the bigger wallets out there because more income will be taxed. But what does that even mean?
Well, if in 2023 the Social Security payroll tax used to be $160,200, this year things will change and this tax will be increased to $168,600. This is a lot of money, and maybe this change will not affect everyone, but the big earners will surely be affected.
Have you ever heard of the 7.65% FICA that they stop every month from your paychecks? 6.2% of this tax goes to your Social Security, and if you are one of those who earn more than the average, you will need to take more money out of your pocket.
CNBC did some research, and they found out that from all of the workforce, only 6% fall into the category that manages to hit the maximum earnings mark each year. So, if you are a part of this 6%, this is one of the Social Security changes coming this year that might hit your wallet.
Given the impendiding SS crisis, why are monthly pensions for ex wives are still active even who have remarried 1 or 2 more times, still in place?
VERIFY: Did Joe Biden vote to tax social security benefits twice during his Senate career?
The Verify Team was sent an email, in which a viewer claimed that Joe Biden voted to tax social security benefits two times in his career. This is true.
How about over $2,348. What do I get????????
I’m sorry but this article is old news. I want to know what is going to happen in 2025.
If you are worried about your SS BENEFITS BEING TAXED BY STATE AND LOCAL GOVERNMENTS YOU BETTER VOTE FOR TRUMP. He has mentioned many times that he will end taxation of those benefits in office AND LOWER THE INFLATION RATES. If you don’t understand what oil prices have to do with inflation, let me give you a hint.
Oil as you know makes gas and diesel fuel that powers delivery of everything in everyday life. BUT, do you know it is also used in farming as fertilizer for food production, plastics for food packaging, manufacturing of just about anything in todays needs, including syringes for your meds and some clothing.
In this country we have more oil and shale oil than anywhere in the world yet these idiots in government cater to the far left and want to keep oil production down.
They drained the strategic oil reserves which is for National defense just to lower oil prices for a couple days so it looks like they are doing something. My costs of my products I sell have gone up 115%. I had to raise up my sales prices 120%. VOTE FOR TRUMP OTHERWISE THE LITTLE MONEY YOUR COMPLAINING ABOUT NOW WILL BE 10 times worst under K Harris the liar in chief. I live in California and she has destroyed this state and San Francisco with her ignorant policies. Most Californians will agree except those that would vote for her because she is Black or a woman. Do you really want those characteristics to be your deciding vote or do you want our borders closed, low inflation and a strong military and police dept. The choice is yours. Vote early don’t let anyone else fill out your ballot.