The new year will bring a series of changes to Social Security. Every year the Social Security Administration announces a cost-of-living adjustment (COLA) which applies to beneficiaries’ payments starting with the disbursement that corresponds to January.
The increase this year was 2.5% which will also raise the amount contributors must earn for each Social Security credit, also known as a “quarter of coverage,” as well as the wage cap for Social Security taxes. Furthermore, beneficiaries will have to wait a little longer to reach full retirement age. READ MORE...
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