6 Social Security Changes That Take Effect Today

Contributing sentiments towards policy:

65% : Only about 2% of beneficiaries reach this maximum monthly benefit from Social Security.
63% : While Social Security has been a pillar for more than eight decades, it isn't static.
61% : Despite what you may have read or heard elsewhere, Social Security benefits aren't a right or a given just because you're an American citizen.
60% : For example, if the collective price for a basket of goods and services regularly purchased by retirees rises by 2%, 3%, or 5%, Social Security benefits should, ideally, increase by a commensurate amount to avoid a loss of purchasing power.
56% : A bigger Social Security check is on the way The most anticipated announcement each year for Social Security is its cost-of-living adjustment, or COLA.
54% : For the last 85 years, Social Security has been providing a financial foundation for aging Americans who could no longer do so for themselves.
54% : The COLA is the mechanism by which the Social Security Administration (SSA) accounts for the effects of inflation on beneficiaries.
54% : Social Security is primarily funded by the 12.4% payroll tax collected on earned income (wages and salary, but not investment income).
53% : It will be incrementally tougher to qualify for a Social Security benefit Last but certainly not least, it's going to be just a bit tougher for workers to qualify for Social Security coverage, which includes potential retirement, survivor, and disability benefits.
51% : In 2024, earned income between $0.01 and $168,600 was subject to the payroll tax.

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