Social Security changes in 2020
While the law has not changed, a few automatic and technical changes went into effect on January 1, 2020 related to Social Security. Brittany De Lea of Fox Business News summarizes them in this piece. Congress appears to be ignoring a looming crisis due in just over a decade at a time when 10,000 people are turning 65 every day now. The cost of living adjustment was 1.6% for all beneficiaries for 2020. The maximum Social Security benefit for a worker retiring at full retirement age rises to $3,011 per month from $2,861 in 2019. The maximum taxable earnings in 2020 increased to $137,700, from $132,900 in 2019. The retirement earnings test applies to those who claim Social Security while still working. That threshold amount for 2020 is $18,240. A higher threshold of $48,600. applies to those will reach full retirement age in 2020. Read full piece 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.