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From time to time I’ll even drop in to add my thoughts, too. It’s very active and has some really smart people who love to answer any questions you may have about Social Security. $200 SOCIAL SECURITY INCREASE 2021 UPDATE FREEIf you still have questions, you could leave a comment below, but what may be an even greater help is to join my FREE Facebook members group. This is where I took the most important stuff from the 100,000 page website and condensed it down to just ONE PAGE! Get your FREE copy here. You should start by getting your FREE copy of my Social Security Cheat Sheet. This is your retirement! Please continue to stay informed. Sometimes it does, but sometimes a lack of planning can ruin what should be your best years. Many people just hope everything will work out in retirement. This is where I took the most important stuff from the 100,000 page website and condensed it down to just ONE PAGE! Get your FREE copy here) How The 2021 Changes Will Affect Social Security Benefitsĭon’t Just Hope Everything Will Still Work Out - Get Proactive and Plan Now! ![]() $200 SOCIAL SECURITY INCREASE 2021 UPDATE FULL(by the way…the full retirement ages, age-based reductions, and a lot more are all covered in my easy to understand Social Security Cheat Sheet. $200 SOCIAL SECURITY INCREASE 2021 UPDATE HOW TOThis is why I stress understanding how to calculate the reductions and increases on a monthly basis. The inverse will also be true, the reductions for filing at the earliest age will be steeper because there will be more months between age 62 and full retirement age. We’ve said if you file at 62 you’ll get 75% of your FRA benefit amount and if you wait until 70 you’ll get 132% of your benefit amount.īecause the increases and reductions are calculated on a monthly basis, once FRA increases, there will not be as many months for benefits to increase by. Why You’ll Never Get As Much in Benefits After 2021įor years we’ve used nice round numbers when calculating the impact of filing for social security benefits early, or later. ![]() This takes us back to the beginning where I said that you’ll never be able to get as much in benefits in 2021 or later. For everyone born in 1960 or later, the FRA will be 67 (for now). But now… it’s going up again.įor those born between 19, the full retirement age will be somewhere between age 66 and 67. The first changes began by changing the age from 65 to 66. To make this change a little easier to digest, they recommended that the change only impact those who were more than 20 years away from full retirement age and that the change would gradually phase in over a period of 22 years. One of the Greenspan Commission’s big recommendations was to increase the full retirement age to age 67. How Changes to FRA Impact Your Ability to Get Full Social Security Benefits $200 SOCIAL SECURITY INCREASE 2021 UPDATE SERIESThis was the other time in history where, like today, the Social Security trust fund faced a crisis and nearly ran out of money! To keep this from happening, The NATIONAL COMMISSION ON SOCIAL SECURITY REFORM (which is more commonly referred to as the Greenspan Commission) made a series of recommendations to Congress about how to keep the program solvent for the next 50 years. ![]() This full retirement age didn’t change from the beginnings of Social Security all the way until 1983. They also considered using age 70, but ultimately decided that age 65 was more reasonable. Bottom line? Their choice was pretty subjective! This “full retirement age” was actually simply based on the fact that many state pension systems and the Railroad Retirement Benefit system used age 65, so, the Committee on Economic Security – the group that designed the US SS system – decided to go with an age that was already commonly used. Under the original Social Security Act of 1935, workers had to reach age 65 to receive a full retirement benefit. Let’s Start with a Critical Factor: Your Full Retirement Age Social Security benefits are changing forever at the end of 2020. ![]()
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