7 Things You Need to Know About Social Security in 2018

Nov 02, 2017

money soc sec.jpeg
 
  1. Beneficiaries are going to make more - With the largest increase in six years, beneficiaries will now receive a 2% cost-of-living adjustment. This works out to about an extra $25 a month.


  1. The maximum monthly payout has been increasedClients can expect an impressive increase in the maximum monthly payout in 2018. Maximum payouts will jump by $101 per month, making the maximum payout for 2018 a total of $2,788/month.


  1. The wealthy will pay a bit more in taxIf clients earn up to $128,700, they should plan to owe an extra $93 in tax next year.


  1. The full retirement age is bumped upRetirees born in 1956 will not reach full retirement age until they are 66 years and 4 months old. That’s an extra two months they’ll have to wait in order to get 100% of their monthly retirement benefit compared to 2017.

 

  1. Withholding threshold for early filers is increasing tooIf clients enrolled for Social Security before their full retirement age and they are still working, the SSA will withhold an extra $10 a month comparative to their monthly salary.


  1. Disability income thresholds are getting higherDisability filers who are not blind will see their monthly threshold increase by $10 a month. Filers who are legally blind will receive a $20 a month increase over 2017.


  1. It’s going to get a little harder to qualify in 2018As we head into 2018, it'll now require $1,320 in earned income per lifetime work credit, or $5,280 for the full year. In order to qualify, you have to earn 40 lifetime work credits, of which a maximum of four can be earned annually.

 

Explore this social security training video series to better understand Social Security and your clients’ retirement needs here or give us a call at 480.296.0169!





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