This was first created in 1935. At the time the earliest retirement age was 65 this was slightly more than the life expectancy. Today recipients can start retiring at the age of 62 and can expect to live another 17 years.
Things we can expect to see over the coming years:
The wage base going back only 10 years ago was $76,200. Today the wage base is an average of $106,800; expect to see this continue to climb.
Wealthy Retirees:
Today the wealthiest receive the highest payouts as they normally pay the maximum for many years. Changing this formula to penalize the wealthy could greatly impact this payout. Certain folks doubt the strength of this program which is fair, longer lives will impact any retirement calculation. Since a host of options to strengthen this exist count on getting yours with a slightly different set of rules as the younger generations get closer to their golden years
Contact GYL Decauwer and let us show you how we can help you discover your tax savings. www.gyldecauwer.com Tel: (909) 948-9990! Get 10% off our services when you mention you saw us online!
Great artilce but it didn’t have everythingI didn’t find the kitchen sink!
None can doubt the creativity of this article. Very well done!