Future retirees could see lower monthly payments as funding concerns grow. Lawmakers are considering reducing benefits to keep the program stable.
1. Benefit Cuts May Be Coming
Some proposals suggest raising the retirement age, meaning workers may have to wait longer before claiming their Social Security benefits.
2. Retirement Age Could Increase
COLA increases help benefits keep up with inflation, but upcoming adjustments may be smaller, reducing the buying power of retirees.
3. Cost-of-Living Adjustments (COLA) Changes
To maintain Social Security funds, higher taxes on high earners may be introduced, affecting those making above a certain income threshold.
4. Higher Taxes for Some Workers
Eligibility for Social Security Disability Insurance (SSDI) may become stricter, making it harder for some individuals to qualify for support.
5. Changes to Disability Benefits
Those with higher incomes could see reduced benefits as lawmakers push for income-based adjustments to Social Security payments.
6. Wealthier Retirees May Receive Less
Government policies may change. Regularly check official updates to ensure you are following the latest guidelines and don’t miss any important deadlines. 4o4o
7. What You Can Do to Prepare