There will be seven major changes in social security benefits next year

> There will be seven major changes in social security benefits next year. Social security benefits are one of the most important programs in the United States. As of August this year, 61.5 million people in the United States have enjoyed this benefit...

Social security funds are one of the most important programs in the United States. As of August this year, 61.5 million people in the United States have enjoyed this benefit, of which 42 million are retired workers. About 62% of retired workers receive more than half of their monthly income from Social Security benefits.

According to USA Today, there will be 7 major changes in social security benefits in 2018.

1. Social Security benefits have increased

In 2018, due to inflation, retired workers who enjoy Social Security benefits can receive an average of US$27 more per month. This will be the largest increase in six years.

However, don’t be too happy too early. If you enjoy "white card" benefits, your "white card" expenses will increase in 2018, and this will affect the total amount of benefits you can receive. Fortunately, this increase in spending is smaller than the increase in Social Security benefits.

2. The upper limit of social security benefits is increased

If you can meet the conditions for receiving the maximum amount of social security benefits when you retire, the social security benefits you receive in 2018 will increase. This amount will increase by $101 per month in 2018 to $2,788 per month.

3. The rich should pay more taxes

In 2017, labor income between 1 cent and 127,200 US dollars must pay an income tax of 12.4%, and the money will go into the social security fund. In 2018, the income limit will increase from $127,200 to $128,700, an increase of $1,500.

If employed, half of this tax is usually paid by the worker and half by the employer. This means that the vast majority of Americans have to pay an income tax of 6.2%, and this money will go into the Social Security Fund.

In 2018, as the maximum tax amount increases, wealthy people with incomes above $128,700 will pay at least $93 more in taxes, and this money will also go into the Social Security Fund.

4. The full retirement age will increase

In 2018, new retirees will have to wait until they are 66 years and 4 months before they can enjoy full retirement benefits, an increase of two months compared with 2017.

5. The deduction point for early recipients will be raised

In 2017, for those who have not yet reached full retirement age and whose annual income exceeds US$16,920, if they want to receive Social Security benefits, they need to deduct US$1 in benefits for every US$2 of income above US$16,920. In 2018, this threshold will rise to $17,040.

6. Social Security Benefits for People with Disabilities Slightly Increase

If you receive disability benefits from Social Security Funds, the benefits you can receive will increase. In 2018, the monthly Social Security benefit received by non-blind disabled people will increase by US$10 to US$1,180 per month; the benefit for the blind will increase by US$20 per month, to US$1,970 per month.

7. The threshold for obtaining social security benefits is raised

If you want to obtain social security benefits and other benefits, you need to obtain 40 work points, and you can get up to 4 points per year.

In 2017, you will earn 1 point for every $1,300 in income, so you will earn all 4 points if your annual income reaches $5,200.

However, in 2018, you will only receive 1 point for every $1,320 in income, so you will receive all 4 points if your annual income reaches $5,280.