Here's how much January Social Security checks will go up

www.oregonlive.com
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Nearly 69 million Americans will see a 1.6% increase in their Social Security benefits and SSI payments in 2020.
As announced in the fall, 2020 Social Security payments go up 1.6 percent starting this month.



Other changes occur in 2020 as well. The maximum amount of earnings subject to Social Security payroll tax will increase to $137,700 from $132,900, the agency said. Also, it said:

The earnings limit for workers who are younger than "full" retirement age (age 66 for people born in 1943 through 1954) will increase to $18,240. (We deduct $1 from benefits for each $2 earned over $18,240.)

The earnings limit for people turning 66 in 2020 will increase to $48,600. (We deduct $1 from benefits for each $3 earned over $48,600 until the month the worker turns age 66.)

The cost-of-living increase amounts to $24 a month for the average retired worker, according to estimates the agency provided.

Also, according to The Motley Fool, the full retirement age for those turning 62 in 2020 is is 66 and eight months. That compares to age of 66 and…
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