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New Social Security Benefit Ruling

Tip of the Month

November 1999

New Social Security Benefit Ruling

The Social Security Administration has announced that the maximum amount a social security recipient under age 65 can earn without losing social security benefits will increase from $9,600 in 1999 to $10,080 in 2000 ($840 per month), while the annual exempt amount for a recipient age 65 through 69 will increase from $15,500 in 1999 to $17,000 in 2000. (There is no annual earnings ceiling for recipients age 70 or older.) So, recipients under age 65 will lose $1 in benefits for every $2 they earn over $10,080 annually, while recipients in the age 65-69 bracket will lose $1 in benefits for every $3 in earnings above the $17,000 limit.
 

These articles are intended to provide general resources for the tax and accounting needs of small businesses and individuals. Service2Client LLC is the author, but is not engaged in rendering specific legal, accounting, financial or professional advice. Service2Client LLC makes no representation that the recommendations of Service2Client LLC will achieve any result. The NSAD has not reviewed any of the Service2Client LLC content. Readers are encouraged to contact their CPA regarding the topics in these articles.

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