A new decade begins next week, which means changes to retirement policies, our columnist writes. Here's what you need to know:
A new year and a new decade begin next week. Whether you’re retired or still working, many changes are coming that could affect you—for better and/or worse. Here’s our breakdown of what you need to know in 2020:
Social Security According to the Social Security Administration, the average Social Security benefit in 2019 was $1,356.05 per month. This will rise an extra 1.6% in 2020. The increase, tied to inflation, works out to an extra $21.69 a month. In 2019, some 63.8 million Americans drew Social Security—the first time since the program began in 1935 that spending topped the $1 trillion mark.
Medicare It’s worth noting that while you’ll get 1.6% more from Social Security, you’ll pay 6.7% more for Medicare—or at least the standard monthly Part B premiums. They’ll increase to $144.60, up from $135.50 in 2019 . The figure for 2019? Hold on to your hat: $285,000. For single retirees, the health care cost estimate is $150,000 for women and $135,000 for men. You can be sure these figures will rise another few percentage points in 2020.
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