What will change in the social security program in 2018?

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Social Security Americans will receive more money on 2018% in 2.

Also, a reform of the US social security system was carried out; all innovations gathered edition US News.

Big payments

Starting January 2018, the average monthly Social Security payment will increase by $27 to $1. Payments for couples receiving benefits would increase by an average of $404, to $46. The maximum possible Social Security benefit payment will be $2 in 340, up from $2 in 788.

Social Security payments are adjusted every year to keep pace with inflation and the CPI.

Higher tax rate

Employees must contribute 6,2% of their income to the social security fund until their income exceeds 128 700 dollars in 2018 year, compared to 127 200 US dollars in 2017 year. The Social Security Administration expects that as a result of this change, about 12 million people will pay more taxes in the 2018 year than in the 2017 year.

Restrictions on high returns

Pensioners who work and receive social security benefits at the same time will be able to earn a little more in the 2018 year, while large income taxes will be deducted from their income. Beneficiaries who have not reached full retirement age can earn up to 17 040 dollars in the 2018 year, which is 120 dollars more than the 2017 year before they lose their 1 dollar benefits for every 2 dollars earned over the limit.

The earnings limit for those who reach retirement age in 2018 has been increased by 480 dollars to 45 360 dollars. After exceeding this limit, 1 dollar benefits will be withdrawn for every 3 dollar earned above the limit.

After reaching full retirement age, there is no penalty for work after retirement.

Increase the full retirement age

The full retirement age for those born in 1956 is 66 years and 4 a month, compared to 66 years and two months for people born in 1955, and 66 years for everyone born between 1943 and 1954 years.

The full retirement age will continue to increase with a two-month increment every year until it reaches 67 years for those born in 1960 and later.

Those who sign up for social security before they reach full retirement age will receive a preferential payment.

Waiver of paper notifications

The Social Security Administration declined to send out social security notifications to all people under the age of 60 in the 2017 year. If you want to check your contribution history and get a personalized estimate of future payments, you now need to create an online account on the site Social Security.

You can then check your social security status anytime, anywhere.

Additional security features

To website Social Security recently added new security features. Now account holders need to enter a one-time security code sent to their phone or email address, in addition to their username and password, which were previously required to log in to the system. The ministry noted that two-factor authentication is safer than authorization simply through a username and password.

In addition, centers MedicareStarting from April 2018, new health insurance cards without social security numbers printed on them will be sent to clients, as these scammers often steal information about social security numbers from these cards. Instead numbers new card Medicare will contain a unique combination of numbers and letters.

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