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Video instructions and help with filling out and completing 2021 social security worksheet
In 2021 there will be a few key changes to Social Security I don't want to cover all of them but here are the three that I think are the most important to know the first thing that's changing maybe the best thing Social Security benefits are going up next year now yes this happens just about every year but this is the largest increase since 2021 to give you a short history in 2021 Social Security benefits increased by 0.3% that was followed by an increase of 2% in 2021 the 2021 benefits are increasing by 2.8 percent now that doesn't sound like a big difference but one of the key differences is that when benefits were increased in 2021 there was a corresponding increase to Medicare premiums that just about wiped it out completely that is not expected to happen this year the next big change is the earnings limit now this is the amount that individuals who are less than full retirement age can earn while they are also drawing a Social Security benefit this year it increased to 17,000 and forty dollars next year it's increasing seventeen thousand six hundred and forty dollars so let's take a pause right here because there are a few numbers that you really ought to understand within this earnings limit I'll most likely do a video in the future that covers this in more depth but for now just know that the earnings limit if you are under full retirement age is seventeen thousand six hundred and forty dollars extra for retirement age there is no limit however there is one small band in there where the income limit changes and that is in the calendar year you reach your full retirement age then the limit is higher for 2021 that increased limit is forty six thousand nine hundred and twenty dollars so for example if you attain your full retirement age in July then you would be subject to this increased limit at the beginning of January of that same year and if you're not sure when your for retirement age is I'm gonna link up a video in the comments so you can watch that and figure it out for yourself the last notable change is the amount of income that you have to pay Social Security tax on now the total amount of security tax is 12.4% if you're self-employed you get to pay the entire amount but if you're a w-2 employee your employer is paying half of that leaving you with about 6.2 percent but that's only up to a certain limit in 2021 that limit was on the first one hundred and twenty seven thousand dollars in wages in 2021 it was one hundred and twenty eight thousand for 2021 that amount is going up to one hundred and thirty two thousand nine hundred dollars now those are the big changes you need to know and I'll continue to put videos on here.