Retirement can bring up a lot of questions, especially when it comes to social security benefits. You may be wondering if there have been any recent changes or updates that could affect your benefits. Well, you’re in luck! In 2020, the Social Security Administration has made a few changes that could benefit retirees. One major update is that the maximum taxable earnings for social security has increased from $132,900 to $137,700. This means that if you continue to work after reaching full retirement age, you can still contribute and potentially increase your benefits. Another exciting change is the cost-of-living adjustment, which will be a 1.6% increase in benefits for 2020. This will help retirees keep up with inflation and maintain their standard of living.
Additionally, there have been updates to the rules and regulations regarding working while receiving social security benefits. In the past, retirees who continued to work and earn income over a certain threshold would have their benefits reduced or withheld. However, the earning limit for 2020 has increased to $18,240 for those who have reached full retirement age. This means that you can still work and receive your full social security benefits, regardless of how much you earn. For those who have not yet reached full retirement age, the earning limit is $48,600, which is also an increase from