Through the course of last year, President Donald Trump promised to introduce new reasonable payment increases for everybody who received social security.
The average monthly payment was supposed to be increased to $1,360 per recipient and married couples were supposed to get up to $2,260.
However, that was not all. Washington also offered help to individuals who relied on Social Security and also wanted or needed to have a job.
The new changes enabled those people who either wanted of needed to work to earn more money in 2017 without that having an impact on their benefits.
People who were under 65 years old were able to earn up to $16, 920 and people who turned 66 were able to earn as much as $44, 880, which was $3,000 more than the previous year.
Whereas in the past when people were punished for receiving benefits while working if they earned more money. Because of the fact that there are many people who work later in life now, the new changes also included cutting those penalties out.
According to a report from Right Speech: “$1 in benefits will be withheld for every $2 over the maximum earnings for those under age 65. For those 66, but not yet full retirement age (66 yrs, 2 months), $1 for every $3 earned over the limit will be held back.”
After a person reaches the full retirement age, there is no limit to how much money they can earn. And in addition to this, they would also receive any money that was previously withheld from them.
Reportedly, the biggest benefit payment that a person who has reached a full retirement age can get is up to $2,687. And that payment could be further increased if the retirement age is postponed until a person is 67 of age.