SOCIAL SECURITY IN 2020 Know What’s Changing
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. 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. 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.
MAXIMUM BENEFITS 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. TAXES How much your benefits are taxed depends on your household income levels. For example, 50% of your benefits will be taxed if you make 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.
Take a Break!
Inspired by Nom Nom Paleo
EASY TOMATO SOUP Ingredients
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2 tbsp coconut oil
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1 cup chicken broth 8.5 oz coconut milk
4 leeks, white parts only, thinly sliced 6 cloves garlic, minced 1 28-oz can roasted and diced tomatoes (Muir Glen Organic is a good brand)
Kosher salt
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Freshly ground black pepper
Directions
1. In a skillet over medium heat, sauté leeks in coconut oil until softened and translucent, about 7–10 minutes. 2. Add garlic and sauté for another 30 seconds. Remove from heat. 3. Meanwhile, in a blender, purée entire can of tomatoes, including juice, until smooth. 4. Add sautéed leeks and garlic and purée again. 5. Transfer purée to a saucepan and add chicken broth and coconut milk. Bring to a boil, then drop to simmer and cook for 10 minutes. 6. Add salt and pepper to taste. Serve.
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