5 Social Security Changes in 2020 That Could Affect Your Take-Home Income

Although Social Security currently sends benefit checks to more than 63 million people each month, the program is first and foremost designed to provide a financial foundation for our nation's retired workers. Nearly 45 million retired workers (70% of all beneficiaries) receive a benefit check monthly, with better than 3 out of 5 of these seniors counting on their payout to account for at least half of their income.

Given the relative importance of Social Security, it should come as little surprise that the second week of October holds special significance to these tens of millions of Americans. That's because the second week of October is when the Social Security Administration (SSA) announces changes to the program for the upcoming year that could directly impact what beneficiaries are paid on a monthly basis. Of course, these changes can impact nonretirees who aren't receiving a Social Security benefit as well.

Here are five Social Security changes for 2020 that could impact your monthly take-home income.

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