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Social Security Earnings Limit For 2020 | Rural Money

Social Security Earnings Limit For 2020

Social Security Earnings Limit For 2020 Rural Money

Important Information From Social Security About Your Benefits

Social Security earnings limit for 2020 have been published; if you are at full retirement age (now age 66)…, you may keep all of your benefits.

What they actually stated is:  “If you are at full retirement age (now age 66) or older for all of 2020, you may keep all of your benefits no matter how much you earn.”

Further, if you are younger than full retirement age at any time in 2020, there is a limit to how much you can earn before we reduce your benefits.

Continuing to work could result in withholding some of your benefits.

However, we would adjust your benefit amount once you reach full retirement age to account for the months of withheld benefits.

Also, we use your 35 highest years of earnings to calculate your benefits.

If you continue to work and these earnings are higher than one of the years we used to compute your benefit, your benefit amount may increase.

Tell us right away if you expect to earn more than the limit, so we can pay you correctly.

  • The 2020 earnings limit for people under full retirement age all year is $18,240. We deduct $1 from your benefits in 2020 for each $2 you earn over $18,240.
  • The 2020 earnings limit for people turning full retirement age is $48,600. We deduct $1 from your benefits in 2020 for each $3 you earn over $48,600 until the month you reach full retirement age.

What If You Worked In 2019?

If you were under full retirement age in 2019 and worked, we paid your benefit based on your estimate of how much you would make.

We will adjust your benefits as necessary when your employer reports your earnings on your W-2 form.

If the earnings on your 2019 W-2 form(s) include money you earned in another year, please contact us before April 15, 2020, to let us know.

  • The 2019 earnings limit for people under full retirement age all year was $17,640.
  • The 2019 earnings limit for people who turned full retirement age in 2019 was $46,920.

Rules For Certain Family Members

  • Tell us if you marry or remarry if you get benefits as a widow, widower, parent, or child.
  • Tell us if a child who gets benefits no longer lives with you.

To Access Your Social Security Online Services

Go to www.socialsecurity.gov/myaccount to create a my Social Security online account to check your benefits and make sure your contact information is up to date. If you have Medicare, it is important that you keep your address up to date with Social Security. You can change your address or telephone number, start or change direct deposit of your benefits, get a replacement Medicare card, and get a benefit verification letter online.