Under the new Biden administration, there are proposed reforms and expansions for both Social Security and Medicare. To address Social Security’s long-term solvency, there is a proposal to add a new tier of payroll tax contributions for high earners. Expansion of benefits could include higher annual cost-of-living adjustments and boosted benefits for caregivers. The plans to address Medicare include reductions in payment rates to health care providers and potential increases in payroll tax rates. At Brandywine Oak, we help guide our clients through the potential changes to ensure their retirement plans are successful.
To learn more about these potential changes, please read Wealth Management’s https://www.wealthmanagement.com/retirement-planning/biden-s-plan-social-security-and-medicare.
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