Social security changes considerably over the span of a full year. While it did see stark changes throughout most of 2015, it’s expected to do the same with the start of the New Year. Claiming options are going to get a lot different for the federal employees this year, and if you are looking to retire or are looking to set up your SS shop, then you need to know some things that you would otherwise not. Here’s a list of some of the things that you can’t miss out:
Social security to change in 2016:
- You can’t claim social security twice. IT will be abolished by the start of May 2016 and while some may disagree, the majority is on a consensus that this was the right thing to do.
- There can be higher Medicare Part B premiums in store for you. This might not be the case for each and every single one of the employees but it can happy for the lucky ones.
- Stricter suspended payment rules are expected.
- There will be a considerably larger saver’s credit threshold available.
- No increases in the payments are expected.
- The tax cap will remain the same i.e. 118 thousand and 5 hundred dollars.
- No changes are to be made in the earnings limit either.
- The administration is changing the way it operates; you can now expect longer office hours as a SS employee and the infrastructure is to be shifted online too in the coming months.
- The new monthly maximum amount will drop to 2,639 dollars. It was 2,663 dollars last year.
While these changes aren’t really what many people might have had in mind and are not ideal, they are things to know about. In order to be astutely prepared, being aware of this information is pivotal.
