10 Social Security Rules Everyone Should Know
U.S. News dives deeper to explain each of these ten Social Security Rules to Remember: Most workers contribute a 6.2% payroll tax; earnings that exceed $137,700 in 2020 aren’t taxed by Social Security; thirty-five years of earnings are factored into your Social Security benefit; the average Social Security payment is $1,503 per month in 2020; the initial Social Security eligibility age is 62; the baby boomer full retirement age is 66; the full retirement age will gradually increase to 67; maximize your monthly payments by claiming at age 70; there’s a $18,240 earnings limit if you claim Social Security before your full retirement age; retirees who earn more than $25,000 will pay tax on part of their Social Security benefit. Full analysis here.
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