Navigating the Recent Social Security Changes and Anticipated Reforms Under the New Administration
Social Security has long been a cornerstone of financial security for retirees, disabled individuals, and survivors of deceased workers. In recent years, there have been notable changes to the Social Security program, and with a new administration in office, potential reforms are on the horizon. This article delves into the recent Social Security changes and explores the anticipated reforms under the current administration.
Recent Social Security Changes
1. Adjustment of Cost-of-Living Increases
- In recent years, the Social Security Administration has adjusted the cost-of-living increases (COLA) to account for inflation. These adjustments ensure that Social Security benefits keep pace with the rising cost of living.
2. Increase in Full Retirement Age
- The full retirement age for Social Security benefits has gradually increased, affecting the age at which individuals can receive full benefits. This change aims to address the financial sustainability of the program as the population ages.