Saturday, November 2, 2019

News Brief: Social Security Changes for 2020

Here's a quick roundup of the major changes for Social Security coming in 2020:
  • Monthly benefits will increase by 1.6%
  • Maximum monthly benefit will rise to $3,011 per month (currently $2,861 per month)
  • Annual social security tax cap (the maximum amount of earnings subject to social security tax) will rise to $137,700 (currently $132,900)
  • Earnings limit on retirees receiving social security before full retirement will rise to $18, 240, after which the deductions of $1 for every $2 earned will go into effect
  • Earnings limit on retirees receiving social security after full retirement will rise to $48,600, after which the deductions of $1 for every $3 earned will go into effect
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