SOCIAL SECURITY 2020 UPDATE
|SSI FOR NYS RESIDENTS|
|MAXIMUM TAXABLE EARNINGS|
|Social Security (OASDI only)||$137,700|
|QUARTER OF COVERAGE|
|SOCIAL SECURITY DISABILITY THRESHOLD|
|Substantial Gainful Activity (SGA)|| |
|Trial Work Period (TWP)||$910/month|
|COST-OF-LIVNG ADJUSTMENT (COLA)|
|For December (payable in January 2020)||1.6%|
|MAXIMUM SOCIAL SECURITY BENEFIT|
|Workers Retiring at Full Retirement Age*||$3,011/month|
|RETIREMENT EARNINGS TEST EXEMPT AMOUNTS|
|Under Full Retirement Age**||$18,240/year|
|The Year an Individual Reaches Full Retirement Age***||$48,600/year|
|Full Retirement Age and Over||No Limit|
* For retirees born in 1938, full retirement age is age 65 and 2 months. Full retirement age will gradually increase to age 67 for those born after 1959. For those born in 1942, full retirement age is 65 years, 10 months. For those born between 1943 and 1954, full retirement age is 66 years. Those born on January 1st should refer to the previous year.
** $1 in benefits will be withheld for every $3 in earnings above the limit.
*** Applies to earnings for months prior to full retirement age: $1 in benefits will be withheld for every $3 in earnings above the limit.
For more information on Social Security you can visit us at www.vjrussolaw.com. Additionally, we also have information and resources on Medicaid, Medicare, Veterans Benefits, Elder Law, Special Needs Planning and Estate Planning. Please do not hesitate to contact us with any questions or comments.
100 Quentin Roosevelt Blvd. | Suite 102 | Garden City, NY 11530
PHONE 516-683-1717 | FAX 516-683-9393
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