Social Security: Changes ARE Coming, Ep #10

<p>There have been numerous changes to the Social Security program since it was created in 1935. Just think: in 1937, life expectancy was age 63—but you had to be 65 to collect Social Security benefits. Two bills have passed since then that have dramatically changed things for the 77 million Baby Boomers that will be retiring. What are they? What impacts did they have? What do I foresee happening with the future of Social Security? Listen to this episode of Retirement Made Easy to learn more! </p> <h2>You will want to hear this episode if you are interested in...</h2> <ul> <li>[1:38] Social Security: What’s Next?</li> <li>[2:35] The Senior Citizens' Freedom to Work Act</li> <li>[4:19] The Bipartisan Budget Act of 2015</li> <li>[6:04] Calculate your full retirement age</li> <li>[7:30] When you should claim your benefits</li> <li>[11:20] What changes are going to happen?</li> <li>[14:47] Will my Social Security be taxed?</li> <li>[16:49] Survivor benefits: can you switch to your own?</li> <li>[18:06] Survivor benefits for divorced spouses</li> <li>[19:42] How and when do you claim your benefit? </li> </ul> <h2>The TWO acts passed by Congress that were game-changers</h2> <p>The first bill that I’m going to reference is the <a href= "https://www.congress.gov/bill/106th-congress/house-bill/5#:~:text=Senior%20Citizens'%20Freedom%20to%20Work%20Act%20of%202000%20%2D%20Amends%20title,incurring%20a%20reduction%20in%20benefits" target="_blank" rel="noopener">Senior Citizens' Freedom to Work Act of 2000</a>. This bill eliminated the retirement earnings test for someone who had reached full retirement age. What does that mean? <strong><em>You can collect your full social security benefit and still work as much as you want</em></strong>. </p> <p>Your benefits will not be reduced because you’re working. If you’re working and NOT full retirement age but collecting social security, you can earn up to $18,240 per year without a reduction in your benefits. For every $2 you earn over that limit, Social Security will hold back $1 of