7 Changes to Social Security in 2021
There isn’t a social program in this country that bears more importance to the financial well-being of seniors than Social Security. Each month, nearly 65 million people receive a Social Security benefit, and more than 46 million of them are retired workers. Of these retirees, more than 3 in 5 rely on their monthly payouts to account for at least half their income.
It’s also a dynamic program. Despite laying a financial foundation for those who can no longer provide for themselves, the Social Security program undergoes a number of changes every year. It just so happens that these updates were unveiled by the Social Security Administration (SSA) this past week.
Here’s a closer look at the seven biggest changes to Social Security in 2021.