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What to Know About Social Security in 2021

March 2, 2021 by Bautis Financial

Discover what you should know about Social Security in 2021.

Here’s what you should know about Social Security in 2021. 

Social Security is primarily funded through payroll taxes. Social Security benefits retirees, the disabled, or families who lose a loved one. Starting in 2021 Social Security will dip into fiscal reserves because benefit payments will exceed payroll tax contributions. 

While lawmakers plan to make changes to make up the shortfall, if you’re a millennial it is wise to make your own plan. A 2020 poll found only 42% of millennials expect Social Security to be a source of income in retirement. 

When planning for your future here is a good rule of thumb. “Hoping for the best, prepared for the worst, and unsurprised by anything in between.” -Maya Angelou 

Social Security Resources:

  • General Information
  • How You Earn Credits
  • Benefits Calculators
  • When to Claim Benefits
  • How Work Affects Your Benefits
  • Survivor Benefits
  • How to Apply for Benefits
Category: Retirement Planning, Social Security and Medicare, VideosTag: Social Security How to Apply, Social Security Reduced Benefits, Social Security Survivor Benefits
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