Changes To Social Security You Need To Know For 2020
While actual Social Security law has not changed in decades, there are some provisions that adjust due to inflation and the final phase-in from the last reform in 1983. InsuranceNewsNet Senior Editor John Hilton provides a recap in this article. First, benefits are increasing 1.6%. Second, there will be a higher monthly maximum payout. Third, the full retirement age continues to increase. Fourth, the earnings cap rises from $132,900 in earnings to $137,700 next year. Fifth, disability benefits increase. Sixth, early filers can earn more. For more detail on each point, see Hinton’s full article here.