Trust Lawyer in Lakewood Ranch FL | Social Security Changes for 2021

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A good trust lawyer in Lakewood Ranch FL will always work to ensure their clients are protected financially and medically whether it comes to adding a healthcare surrogate or starting a living trust to protect their assets. One thing that these lawyers know their clients need to pay attention to is the changing of social security laws that can affect their Medicaid eligibility and financial status.

These changes are the big ones happening in 2021 and if you think you might be affected, you should contact a trust lawyer in Lakewood Ranch FL to help you navigate the changes.

  • A 13% cost of living adjustment will increase social security benefits. The average recipient will only receive an extra $20 per month.
  • The taxable earnings maximum was increased from $137,700 to $142,800. This change increases retirement benefits by 32% if recipients do not cash in until age 70.
  • The age of retirement was increased to 62 to be able to get benefits. To reach full benefits status now you must be 67 years old. If you claim your social security benefits before you reach retirement age, you will see a permanent reduction in your benefits.
  • A new cap to the amount of money someone can earn via working while also on social security is being implemented. The new amount is $18,960 dollars which is an increase of 720 dollars more than 2020. This only applies to people drawing social security before full retirement age, however. If you have reached full retirement age in 2021 the cap on earnings is $50,520.
  • Disability benefits are also increasing in 2021 with blind recipient benefits increasing by $80 per month and non-blind recipient benefits increasing by $50.

Each year retirement planning and end-of-life planning becomes more complicated and confusing. Working with a trust lawyer in Lakewood Ranch FL to get all your affairs in order and ensure you are financially protected is always a smart move.

To learn more, contact the Law Office of Kimberly K. Muenter at 941-229-2529.