Social Security

Social Security changes for 2020

  • Benefits are increasing 2.8% (but Medicare premiums are going up, too).
  • Maximum monthly benefit at full retirement age will increase by $150 a month to $3,011.
  • The full retirement age will increase by two months to 66 years and eight months for persons born in 1958. Anyone born in 1960 and later has a full retirement age of 67.
  • Disability benefits increased.
  • Filers who reach full retirement age in 2020 are allowed to earn $48,600 ($4,050 a month) before any withholding, an increase of $140 a month from 2019. 

Source: http://advisornews.com/innarticle/changes-to-social-security-you-need-to-know-for-2020#.XeHuRdV7mCg
Source: Financial Planning for Women