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Changes in 2020 could affect Social Security benefits

For those collecting Social Security benefits in Missouri, there are a few changes coming in 2020 to the program. These three changes can have financial impacts on those already collecting from the system and those still paying into it. Anticipating these changes can help those collecting Social Security anticipate those impacts. 

The administration has given those retirees still working a little more leeway in how much money they can collect from continuing to work while collecting benefits. The limit for those not yet at retirement age is going up to $18,240 from $17,640. Full retirement falls somewhere between 66 and 67. 

Inflation continues to impact those collecting Social Security benefits, but the administration has issued a cost-of-living adjustment for the new year. The 1.6% boost is not much and does not offset the hike in Medicare premiums also set to go in effect. The monthly bonus is almost half the raise given last year. 

The wage cap for those paying into the system is raising from $132,900 to $137,700. Workers making that additional income can expect to pay nearly $300 more than years prior with the increased wage cap. The 12.4% paid by self-employed employees or 6.2% by salaried employees remains the same. 

The Social Security Administration lists additional changes beneficiaries can expect in 2020. Disability thresholds have increased slightly for all workers falling under Substantial Gainful Activity from $30 to $70 a month. 

The cost of living adjustment gives all disabled workers an extra $20 a month. For those with a spouse and children, they should receive an extra $35 a month in benefits. The student exclusions have increased as well.