2020 to bring seven changes to Social Security

While Congress has not changed the law relative to Social Security, the Social Security Administration nonetheless releases a “Fact Sheet”  every October.  This provides updates on everything from what beneficiaries will be paid in the upcoming year to what it takes to qualify for benefits.  Sean Williams of The Motley Fool explains the seven biggest changes to Social Security in 2020 as follows: 1. Beneficiaries are getting a modest 1.6% increase; 2. Social Security’s full retirement age increases by two additional months; 3. There will be a new, higher maximum monthly payout; 4. Payroll taxes will now be collected on the first $137,700 in earned income, up from $132,900; 5. Disability income thresholds increase; 6. Withholding thresholds for early filers increase $50 a month from 2019; 7. You will have to work a bit harder to qualify for a Social Security benefit, $1,410 rather than $1,360 per quarter.  Read the full piece by Williams here.

The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.



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