KNOWWHAT’S CHANGING Social Security in 2020
Maximum Benefits
If you’re in the appropriate age bracket, Social Security may play a major role in your finances. So, it’s important to know how Social Security will be changing in 2020.
Those near the top of the Social Security income scale in 2019 will see an increase in their maximum payout in 2020. The maximum payout for an individual will be capped at $2,861 per month. That translates to $34,332 per year, so consider how that may impact your finances.
Trust Fund
Unless Congress takes some drastic actions in the coming months, the current excess trust fund revenue will be depleted by the year 2034. If that happens, Social Security will only be able to pay 79% of the promised benefits from ongoing payroll taxes. You may need to think about what your financial plan would be like with 21% less income.
Taxes
Howmuch your benefits are taxed depends on your household income levels. For example, 50% of your benefits will be taxed if youmake between $25,000–$34,000 individually or $32,000–$44,000 for married couples. If you’re above that income bracket, then 85% of your benefits will be taxable.
Retirement Age
If you haven’t reached retirement yet, this one is important to consider. If you were born after 1959, the full retirement age is now 67 for you. You’ll still be able to start taking some benefits at age 62, but they’ll be at reduced monthly payments.
Cost of Living
Low inflation means that Social Security benefits will only see a minor cost of living increase. This year, it’s expected to be around 1.6%. It’s not major, but if you’re living off Social Security alone, every penny is important.
Ctrl, Alt, Delete Your Clutter TIPS FOR NATIONAL CLEAN UPYOUR COMPUTER MONTH
Back Up Your Computer
Everyone relies on technology. Computers, laptops, tablets, and phones are staples of modern life. However, it’s easy for these devices to become cluttered with old photos, files, and general disorganization. Luckily, January is National Clean Up Your Computer Month and an excellent time to get your technology in order.
Be sure to back up your computer before you start deleting things. This acts as a safety net in case you delete something you didn’t mean to. Additionally, consider installing a second hard drive. The extra space can help with storing important files without having to worry about how much room is left.
Start by Dusting
Clean Up Space
Over time, computer towers can become clogged with dust, which creates additional, unwanted heat within your computer. Regular cleanings will increase the lifespan of your computer and protect its essential components. Compressed air is great for removing most of the dust and other particulates. If the fans or filters are too dirty, you can remove them from the tower to clean them better. If you use water or liquid cleaning products on them, be sure they are completely dry before placing them back into your computer.
Any files you’ll never use again should be deleted. Likewise, any programs you haven’t used in a while should be uninstalled. Check your hard drive for files that might be taking up unintended space on your computer. And remember to empty the recycling bin — it’s easy to forget just how much goes in there.
Organize Your Files
Naming and arranging the files on your computer in such a way that they’re easy for you to find can end up saving you a lot of time. Declutter your workspace by creating one file for pictures, one for Word documents, one for spreadsheets, and one for programs to eliminate the hassle of frantically searching for the files you need.
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