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Social Security Changes Coming Next Year

A new year is quickly approaching and, with that, annual changes to Social Security’s various dollar-based formulas have recently been announced. Many may have already heard that a rather measly Cost of Living Adjustment (COLA) will be coming, one even smaller than this year’s meager COLA – that due to the impact of the pandemic on the U.S. economy. But other changes are coming too, including an increase in the payroll tax cap (the earnings on which FICA taxes are paid), and a higher limit on how much you can earn while collecting benefits before you full retirement age. All of this is explained in this Mooresville (NC)Tribune article by Maurie Backman. Click here to read more.

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