Your Money & Your Life Podcast

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Planning for Social Security Benefit Changes

October 15, 2020

The federal government recently announced an increase to Social Security benefits for 2021 but it also came with an increase in Medicare premiums. On this episode, we’ll tell you what you need to know about these adjustments along with thoughts on additional changes that could come be coming down the road.

 

Read more and get additional financial resources here: https://doncashpodcast.com/podcast/planning-for-social-security-benefit-changes/ 

 

What we discuss on this show: 

3:22 - Mixed signals from the market with the latest news.

4:37 - Canceled debates

6:55 - Cost of living & premium increase in Social Security benefits

9:08 - Is Social Security going broke?

11:04 - Stats on claiming benefits

12:11 - Ways they could make the program solvent

14:28 - Reducing the inflation benefit

16:47 - How does this impact someone in retirement now?

20:38 - Getting to Know Don: What’s a habit that drives you crazy that some people might have?