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Six Social Security Changes That Took Effect January 1st

Sean Williams cites data from the Center on Budget and Policy Priorities noting that Social Security pulled nearly 22.5 million people out of poverty in 2020, including 16.1 million adults aged 65+. While no substantive changes to the program have taken place since 1993, six changes did take effect with the start of the new year, mainly due to inflation. They are below. Full article here.

1. Social Security beneficiaries got a big 8.7% boost

2. The maximum monthly payout at full retirement age is on the rise

3. High-earning workers may face a larger tax bill

4. Qualifying for Social Security benefits will require earning a little more income

5. Disability income thresholds rise a bit

6. Early filer withholding thresholds are increasing

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