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By Vanguard Services
Infographic on Social Security Taxation
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Conclusion
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Filed under: Accounting, Taxation | Tagged: social security, Social Security Taxation |
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“Mayor Buttigieg Unveils Social Security Proposal”
Wants to raise the Social Security wage base from $132,900 up to $250k instead. Notably, still not enough to fully shore up Social Security for the rest of the century, though.
Ann Miller RN NHA
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The Sign-Up Gamble?
http://www.msn.com/en-us/money/retirement/why-claiming-social-security-is-really-just-a-gamble/ar-BBZUVBO?li=BBnbfcN
Lou
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SS in 2021
https://www.msn.com/en-us/money/retirement/how-much-will-social-security-benefits-increase-in-2021/ar-BB12A8bB?li=BBnbfcN&ocid=SK2LDHP
Klare
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Potential Trouble for Beneficiaries Born in 1960
If you were born in 1960 and intend to file for Social Security benefits in 2022, you might be in for a shock. Thanks to quirks in the Social Security benefit calculation, your benefits might be permanently reduced due to the reduced wages paid in 2020 as a result of the pandemic.
According to Andrew G. Biggs, resident scholar at the American Enterprise Institute, “Assuming a 15% decline in the Social Security Administration’s measure of economy-wide average wages in 2020, a middle-income worker born in 1960 could have his annual Social Security benefits in retirement reduced by around 13%, with losses over the retirement period in excess of $70,000.”
Klare
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