Retirees can expect at least four key changes to Social Security this year, but more could be on the way depending on the next president’s policy goals.

Here are the changes that could affect you.

Full retirement age increases

The full retirement age is when you can collect unreduced Social Security benefits. If you don’t collect at that age, your benefits increase even more per year after that until you turn 70.

Last year, the full retirement age was 66 and 8 months, while this year it is 66 and 10 months. In 2022, it will reach 67 years.

“It’s important to delay retirement until full retirement age which is 66 and 10 months in 2021 and until 70 if possible,” said Herschel Clanton, certified financial planner at Chancellor Wealth Management, Inc.

Benefits increase

Starting this month, the Social Security and disability benefits will rise by 1.3%, with the average monthly benefit inching up by $20 from $1,523 to $1,543, according to the Social Security Administration. This increase compares with 1.6% in 2020 and 2.8% in 2019.

“This makes it tied for the smallest increase since 1975,” said Matt Beacon, lead financial planner at Carmichael Hill & Associates. “What’s more, the standard Medicare Part B premium also increased so not all of that pay bump will be felt by retirees.”

These benefit changes are based on the consumer price index for urban wage earners — otherwise known as CPI-W. This is a monthly measure of the average change over time in the prices paid by urban wage earners and clerical workers for a market basket of consumer goods and services.

Earnings subject to Social Security tax

Workers this year who make up to $142,800 will be subject to Social Security tax in 2021. Last year, this threshold was lower at $137,700. These changes are based on increases in average wages.

“Social Security tax rates remain the same for 2021—6.2% on employees and 12.4% on the self-employed,” said Marguerita Cheng, financial advisor at Blue Ocean Global Wealth, a financial firm.

Earnings limit Increases

Those who collect Social Security before their full retirement age are subject to the earnings test. If your income surpasses a certain limit you’re not entitled to receive 100% of your benefits. The benefits that are withheld are added back after you reach full retirement age.

This year, that limit is increased to $18,960, up from $18,240 in 2020.

“After reaching that limit, $1 will be deducted from your payment for every $2 that exceeds the limit, and if you reach full retirement age in 2021, you will be able to earn $50,520, ($48,600 in 2020),” Cheng said. “This is what is called forced suspension.”