More Changes to Social Security Slated for 2018
We already noted that Social Security beneficiaries will see a 2% raise in their benefits next year, but what we did not note was that the maximum monthly payout also rose quite a bit. The maximum payout increased by $101 per month to $2,788 per month. By no means is this the average benefit amount for beneficiaries – it affects only 10% of Social Security beneficiaries – but it can be very good news for the beneficiaries who are affected.
Further, while we do not handle retirement benefits, we do handle disability benefits for older workers. This means that often, clients are debating between taking the reduced early retirement benefit, or apply for disability and wait for the full retirement benefit to take effect (These are not mutually exclusive, please contact us for further information). To that end, newly eligible retirees born in 1956 will have to wait until they’re 66 years and four months old before they can receive 100% of their retirement benefit. The days of becoming 65 and eligible for full Social Security retirement benefits are gone.
Lastly, the amount of income you can earn while receiving Social Security Disability (SSDI) will increase in 2018 by $10, to $1,180. If you are legally blind, that amount increases to $1,970. If you are earning SSDI and earn more than the allowed amount, your benefits may be stopped for engaging in “substantial gainful activity.”
If you have questions relating to Social Security benefits, please contact our office via phone at (904) 777-7777, or email us using our contact form.