As Social Security reform talks heat up, changes to the retirement age, payroll tax may be on the table

As Social Security reform talks heat up, changes to the retirement age, payroll tax may be on the table  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  VIEW IN BROWSER | SUBSCRIBE WED, MAR 08, 2023 YOUR WEALTH Editor's Note Social Security has been and will remain the most important source of income for most Americans in their retirement years. This year, on average, some 67 million Americans per month will receive a Social Security benefit, totaling more than $1 trillion in benefits paid. What's more, Social Security remains the main source of income for most of the elderly in this country. Despite its importance, various studies have concluded that many Americans have little understanding of how much money they will need in retirement and what they can expect from Social Security benefits. Yet, without such information, they might not be able to plan for the future and make adjustments while they are still working, if future needs are projected to exceed retirement income. A recent study released by the Nationwide Retirement Institute found that most Americans are sorely lacking in knowledge about the most basic functions of Social Security. Here are five things most Americans don't know about Social Security: Eligibility age: 39% of respondents don't know the eligible age to receive full benefits. Payments: Just more than half of those not already receiving Social Security (51%) don't have a clear sense of how much they will get in Social Security income. Spousal/child benefits: 30% don't know that Social Security may offer benefits for spouses and children. Inflation protection: 37% incorrectly believe that Social Security benefits are not protected against inflation. No adjustments: 45% mistakenly believe that if they claim benefits early, their benefits will go up automatically when reaching full retirement age, or they don't know this is false. For many people, figuring all this out can be intimidating and confusing. Let's be clear: You don't have to become an expert in all things Social Security. You don't have to memorize Social Security's Program Operations Manual System – the primary source of information used by Social Security employees to process claims for Social Security benefits – from cover to cover. However, any type of financial education is a helpful tool in preparing for retirement. This includes understanding Social Security retirement benefits and making the most of retirement income. So, it's well worth your time to gain some working knowledge of those things that could directly affect your Social Security benefit. For more advice to help you make smart financial decisions, check out CNBC's Financial Advisor Hub and Personal Finance section. Jim Pavia Senior Editor, Personal Finance @JIMPAVIA As Social Security reform talks heat up, changes to the retirement age, payroll tax may be on the table Social Security may only be able to pay full benefits for another decade. As lawmakers weigh potential fixes, getting bipartisan agreement won't be easy. Senators call for two changes to help encourage Social Security beneficiaries to claim retirement benefits later Many retirees claim Social Security at age 62, even though their benefit checks would be bigger if they waited. Now some lawmakers hope to help change that. Here are 3 key things to know before filing your taxes If you haven't filed your 2022 tax return yet, there are a few key things to know, according to tax experts. Inflation boosted the 2023 federal income tax brackets. Here's how your taxes may compare to 2022 The IRS adjusted the 2023 federal income tax brackets higher based on inflation. Here's how your federal taxes may compare to 2022. You can still score a 2022 tax break with pretax IRA contributions — here's how to qualify If you're making a pretax individual retirement account contribution for a tax break on your 2022 return, you need to know the deductibility rules. Full-time office work is 'dead': 3 labor experts weigh in on the future of remote work The pandemic-era trend of working from home has staying power, due to benefits for workers and their employers, labor economists said. Don't miss these approaching deadlines if you have a health-care flexible spending account While tax-advantaged health flexible spending accounts typically come with a "use it or lose it" policy, you may still have options for using 2022 FSA dollars. When will Supreme Court rule on Biden's student loan forgiveness plan? Here's what you need to know Now that the Supreme Court has heard oral arguments over Biden's student loan forgiveness plan, here's what to expect next. Fraud cost consumers $8.8 billion last year, Federal Trade Commission says. That's up 44% from 2021 Investment scams cost the most — more than $3.8 billion — which is more than double the $1.8 billion reported in 2021, according to the FTC. College is still worth it, research finds — although students are growing skeptical Increasingly, high school students are rethinking the value of college. Yet earning a degree is almost always worthwhile, research shows. CONTRIBUTORS Sharon Epperson @sharon_epperson Josh Brown @ReformedBroker Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel   Digital Products Feedback Privacy Policy CNBC Events   © 2023 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. 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