Social Security changes for 2020
- Benefits are increasing 2.8% (but Medicare premiums are going up, too).
- Maximum monthly benefit at full retirement age will increase by $150 a month to $3,011.
- The full retirement age will increase by two months to 66 years and eight months for persons born in 1958. Anyone born in 1960 and later has a full retirement age of 67.
- Disability benefits increased.
- Filers who reach full retirement age in 2020 are allowed to earn $48,600
($4,050 a month) before any withholding, an increase of $140 a month