The government has been working recently on laying out the changes to Social Security for the up coming years, specifically aiming for changes which would potentially improve the quality of life of individuals on Social Security (or at least the money in their wallet each month if they wait until 65 and follow all other rules). US News article discusses these changes in simple terms in their article 6 Ways Social Security Will Change in 2013. Here is the break down of these changes:
1. Bigger monthly payments
2. Payroll tax cut scheduled to expire
3. Higher Social Security tax cap
4. Increased earnings limit
5. Maximum possible benefits grow
6. Paper checks will end.
You can read on for further details in the article itself, or for me more intensive explanation that goes into a bit more detail check out this article by Forbes.
What do you think these changes will meet for the older clients we have, or for that matter for ourselves come retirement age?
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