Social Security 2020 Update

Social Security 2020 Update

Russo Law Group

SOCIAL SECURITY 2020 UPDATE
SSI FOR NYS RESIDENTS
Individual $870/month
Couple $1,279/month
MAXIMUM TAXABLE EARNINGS
Social Security (OASDI only) $137,700
QUARTER OF COVERAGE
Earnings Required $1,410/quarter
SOCIAL SECURITY DISABILITY THRESHOLD
Substantial Gainful Activity (SGA)  
Non-Blind $1,260
Blind $2,110
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

Garden City | Lido Beach | Islandia | Bay Shore | Manhattan

vjrussolaw.com

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