These 3 Social Security Changes in 2020 Don't Just Affect Retirees

Stay Wealthy Retirement Podcast

Taylor Schulte, CFP®

Financialplanning, Retirement, Money, Taxplanning, Stocks, Wealth, Business, Investing, Retirementplanning

2.4 • 606 Ratings

🗓️ 15 October 2019

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

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Summary

There are roughly 69 million Social Security beneficiaries in the U.S.

And these beneficiaries will be witnessing a few changes to their Social Security benefits in 2020.

But some working professionals who aren't even close to claiming Social Security benefits will also be experiencing a change.

In today's episode, I'm sharing three important changes to Social Security in 2020, including a change that will trigger a tax increase for many younger people still working.

I'm also sharing some free tools and calculators you can use to gain more clarity around your financial situation as you approach retirement.

Show Notes & Links: www.youstaywealthy.com/55

DISCLAIMER: This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. This podcast is not engaged in rendering legal, financial, or other professional services.

Transcript

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0:00.0	Hey, everyone, really quick before we start the show, I have a quick favor to ask. If you're
0:04.0	enjoying the podcast and you're on an iPhone, it would go a long way if you just hit the pause
0:09.0	button really quick and leave a written review in the Apple podcast app. This helps more people
0:15.8	just like you find the show and be a part of this awesome community that we're building.
0:23.7	Welcome to the Stay Wealthy podcast. I'm your host Taylor Schulte. And today I'm just happy to
0:28.1	have my voice back. I've been battling a cold for a few weeks now. And then out of nowhere,
0:32.8	I woke up the other day with just no voice whatsoever. So bear with me today as we dive into some of the
0:39.2	important changes to Social Security in 2020 that I think you should know about. Even if you
0:45.2	aren't close to claiming Social Security, there's still a substantial change that likely has
0:50.8	impact on you as a working professional. For all the links and resources mentioned in
0:55.9	this episode, visit you staywealthy.com forward slash 55. So currently right now in the United States,
1:06.9	there are about 69 million social security beneficiaries beneficiaries or about 21% of the population.
1:13.6	And these 69 million Americans are going to be witnessing some changes to their social security
1:18.7	benefits in 2020. Today, I want to highlight three of these changes that I think are really important.
1:25.4	And again, one of these changes actually doesn't
1:28.0	just impact Social Security beneficiaries, but it also impacts people that are still in the
1:32.7	workforce, even young professionals. So let's dive into these three really important changes
1:37.9	that I want to highlight. The first is the change to the cost of living adjustment, which is also
1:43.3	known as COLA. Quick fun fact, cost
1:46.6	of living adjustments were only implemented 44 years ago. And we've seen these numbers jump all
1:51.9	over the place. We've seen adjustments as high as 14% in the 1980s. And then we've seen it as little
1:57.6	as 0% most recently in 2009, 2010, and also in 2015.
	...

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