Starting in 2019, wage earners will pay (and employers will match) the 6.2% social security tax on the first $132,900, an increase of $4,500 over the 2018 wage base. The good news is that Social Security recipients will receive 2.8% more in benefits in 2019 over the 2018 amounts. Those who turn 66 in 2019 can earn up to $46,920 prior to their birthday before their social security benefits get reduced. However, individuals who are 62 through 65 by the end of 2019 can only make $17,640 before they lose some of their benefits. There is no earnings cap for those already 66 years old or older.
Isn’t it time to allow our senior citizens to earn as much as they can without reducing their Social Security benefits? I think so. Let us hear from you.