5 Possible Social Security Changes in 2021
There's arguably no program that bears more importance to the financial well-being of our country's seniors than Social Security. Even though the average retired worker is only bringing home a little over $18,000 a year from Social Security, this works out to more than half of the annual income for 62% of current retirees. It's also enough to pull more than 15 million retired workers out of poverty each year.
Suffice it to say, when adjustments are made to the Social Security program, tens of millions of senior citizens pay close attention. Next year, there's a real possibility that a lot of big changes could be made.
One guaranteed change is that the full retirement age will creep up another two months to 66 years and 10 months for folks born in 1959. But there are five other possible changes to Social Security that could come to fruition in 2021, depending on inflation, among other factors.
Source Fool.com
