During the election in 2016, President Donald Trump promised not to touch the Social Security.
He vowed to reduce the burden of government.
But he said that the Social Security and other benefits would not be harmed.
This still remains, even though the Social Security is a bomb waiting to go off. For decades, the government refused to reform it. They robbed Peter to pay Paul. Over time, there won’t be enough cash to pay the already low benefits.
According to our source, Patriot Journal, with the landmark tax cuts passing this year, the Social Security needs even greater reforms and it’s happening right now. Significant changes are being made to the program, but we don’t know if it will be enough and will the changes hurt the many Americans that rely on this program.
The basic structure of the Social Security will be the same in terms of how workers are taxed and how benefits are calculated and paid. There will be notable changes to be aware of, such as the gradually increasing full retirement age and several thresholds and other Social Security figures that adjust over time with inflation.
The normal retirement age for Social Security benefits has been 66 years of age for some time, but is set to gradually increase to 67 for the Americans born after 1954. Americans who will turn 62 in 2018 have a full retirement age of 66 years and four months and those who turn 63 in 2018 have a full retirement age of 66 and two months.
Th Social Security Administration announced a 2% cost-of-living adjustment for beneficiaries, starting with the December 2017 payment. The maximum taxable earning amount in 2018 is rising by $1.500 to $128.700, meaning that high-income individuals will end up paying more in Social Security tax than they did in 2017.
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