Lawmakers are hashing out plans to shore up Social Security’s ailing trust funds, and the possible changes will affect the benefits Americans receive.
Broadly, that comes down to two key changes: raising the retirement age and increasing the amount of annual wages subject to the Social Security payroll tax.
That could mean requiring Americans to wait until they are 70 to collect their full retirement benefits. (Current rules have set the full retirement age at 66 to 67, depending on date of birth.)
It could also mean requiring high income Americans to pay more in Social Security payroll taxes. Currently, that tax only applies to wages of up to $160,200.
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