If you’re one of some 69 million Americans who receive Social Security or SSI benefits, you’ll notice some changes in 2020. Here are four.
Earnings subject to Social Security tax
The only bit of good news about this increase? You and your employer won’t have to pay a Social Security tax on earnings above the taxable maximum amount.How work affects your benefits The earnings limit for people turning 66 in 2020, however, will increase to $48,600 and the SSA will deduct $1 from benefits for each $3 earned over $48,600 until the month the worker turns age 66. FRA is 66 for people born between 1943 and 1954. Beginning with 1955, two months are added for every birth year until the full retirement age reaches 67 for people born in 1960 or later.
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