1.) Social security will be in a deficit in 2018
The US Treasury has been borrowing from social security's surplus to cover other federal government programs such as military, education, and welfare. This debt will only be repaid back as early as the year 2042. In the meantime, social security will be heavily dependent on the US government's ability to accumulate enough taxes from federal budget cuts and tax increases.
2.) Full retirement age will continue to increase
Every year the full retirement age increases. What this means is the age in which you can receive social security without reductions will continue to increase due to certain factors such as people living longer.
3.) Social security recipients will only get a 2% cost of living adjustment
For those who are heavily dependent on social security as a main source of income, this may be bad news compared to those who supplement their social security income with other sources of income.
Basically, you do get a little more money from social security but only by a small percent.
4.) Earning limits will increase
Those who are retired often face the dilemma of not having enough income from social security to live on. Many retirees supplement their income with other sources of income such as working a part-time job or self-employment. Social security typically withholds all or part of the payouts depending on how much is earned for that year. Now that the earning limits have been raised retirees can feel a little more secure in earning money and still have the possibility to receive their social security at least partially.
5.) Social security disability thresholds will also increase
What this means is people who take social security based on disability can now expect to receive a little more from social security disability payments.
6.) High-income earners will pay more in social security taxes
The high-income earners used to have to pay taxes on the first $127,200 they earned. That limit has now been raised to $128,700.
7.) Qualifying for social security will be harder
In the year 2017, you needed at least $1,300 of earned income to equal one lifetime work credit.
As of 2018, you will need to earn at least $1,320 to equal one lifetime work credit. You need at least 40 lifetime credits to qualify for social security.
When Can You Apply for Social Security Benefits in Biloxi, MS?
As of 2018, the earliest age to apply and get social security benefits is age 62. You can apply as early as three months before you turn 62. But this comes at the cost of a 25% reduction in benefits. The full retirement age is, as of currently for this article, age 66 with no reduction in benefits.
Social security reductions can be problematic for those who wish to retire early or are at an age where working is no longer possible due to medical reasons. This is where having a good social security lawyer in Biloxi, MS can help.
A lawyer at Wetzel Law Firm will be able to discuss with you the legal implications and other concerns when you’re looking to apply early for social security and whether or not you can file on the basis of disability.
Another point to beware of is filing later than age 66. Filing later than the full retirement age also has its consequences. There’s a chance you won’t get the full amount of social security payout for that year.
The Importance of Having a Good Social Security Lawyer in Biloxi, MS
Social security can get fairly complicated with all the new regulations and cutbacks happening. For those who suffer from disabilities, this can be even more complicated since you are often unable to work and may not meet basic requirements for retirement benefits. You may need a dedicated attorney who will help make sure you have all the right paperwork and meet the requirements necessary to help you get the most benefits you can from social security. At Wetzel Law Firm, they have plenty of experience in helping those with disabilities get their social security disability payments.
If you don't have any disabilities but still need a good social security attorney, Wetzel Law Firm offers experienced lawyers in Biloxi, MS. They can help clear up any confusion you may have about filing and help you get the maximum benefits you deserve.
If you are filing for social security for the first time, it’s still important to have a reliable social security lawyer in Biloxi, MS look over any paperwork you have.
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