Some changes from Social Security in 2027

So let's get into the show here.

We're going to talk a lot about Social Security today.

And I read something the other day that kind of blew my mind.

For the first time since we started keeping records on these kind of things, there are more people 65 and older in the world than there are kids under 5.

Wow.

Yeah, think about that for a minute.

That's very interesting.

According to the 2023 U.S. Census report, which for some reason they're always years behind, two things seem to be behind this shift, and that's falling birth rates and people living longer.

We talk about that a lot on this show.

And starting next year, full retirement age for Social Security is going to be very simple.

We keep mentioning two ages right now, but starting in 2027, everybody born in 1960 or later, your full retirement age is going to be exactly 67.

And

under current law, that's as high as it goes right now.

It doesn't mean it couldn't change later, but there's a couple of other expected adjustments to Social Security in the coming year as well, Grant, that I kind of wanted to touch on.

They're going to be officially announced in October, but the first one impacts high-income earners.

Can you kind of give us an idea of the anticipated change and what all this means to taxable earnings and – All this stuff we have to worry about in retirement.

Yeah, we'll start going down this road because this can be a really tangled web that gets woven, really.

I mean, you start thinking of all the things with Social Security.

I'm glad that you said it the way that you did, Bill, as you led into that when you said under current law.

That is a very key point because when you start talking about 67 being the full retirement age, know we're gonna we'll get into this here in a little bit but i i'm 45 years old i don't believe that my full retirement age is going to be 67 i believe it's going to be higher but we'll we'll get into that here a little bit later on your first point talking about what's going to happen next year in 2027 you look at the max taxable earnings for social security in 2026 is 184 500 if you look in 2027 That number goes up just a little bit to $190,200.

So about an additional $5,700 of income that is going to be Social Security, that you're going to pay into Social Security next year.

We don't know exactly what the number is yet.

That's going to be released, I believe it's October 14 is the date that we're going to see that one.

So it's going to impact the high income earners next year.

We'll see what it does for their Social Security later on down the road as we'll get into here in just a little bit.

So let's get into the show here.

We're going to talk a lot about Social Security today.

And I read something the other day that kind of blew my mind.

For the first time since we started keeping records on these kind of things, there are more people 65 and older in the world than there are kids under 5.

Wow.

Yeah, think about that for a minute.

That's very interesting.

According to the 2023 U.S. Census report, which for some reason they're always years behind, two things seem to be behind this shift, and that's falling birth rates and people living longer.

We talk about that a lot on this show.

And starting next year, full retirement age for Social Security is going to be very simple.

We keep mentioning two ages right now, but starting in 2027, everybody born in 1960 or later, your full retirement age is going to be exactly 67.

And

under current law, that's as high as it goes right now.

It doesn't mean it couldn't change later, but there's a couple of other expected adjustments to Social Security in the coming year as well, Grant, that I kind of wanted to touch on.

They're going to be officially announced in October, but the first one impacts high-income earners.

Can you kind of give us an idea of the anticipated change and what all this means to taxable earnings and – All this stuff we have to worry about in retirement.

Yeah, we'll start going down this road because this can be a really tangled web that gets woven, really.

I mean, you start thinking of all the things with Social Security.

I'm glad that you said it the way that you did, Bill, as you led into that when you said under current law.

That is a very key point because when you start talking about 67 being the full retirement age, know we're gonna we'll get into this here in a little bit but i i'm 45 years old i don't believe that my full retirement age is going to be 67 i believe it's going to be higher but we'll we'll get into that here a little bit later on your first point talking about what's going to happen next year in 2027 you look at the max taxable earnings for social security in 2026 is 184 500 if you look in 2027 That number goes up just a little bit to $190,200.

So about an additional $5,700 of income that is going to be Social Security, that you're going to pay into Social Security next year.

We don't know exactly what the number is yet.

That's going to be released, I believe it's October 14 is the date that we're going to see that one.

So it's going to impact the high income earners next year.

We'll see what it does for their Social Security later on down the road as we'll get into here in just a little bit.