"As part of its annual inflation-related update to the program, the Social Security Administration also adjusts the taxable maximum for wages-the primary source of funding for this program. While these changes affect high earners, it could mean that you'll see some more money taken from your paycheck in taxes. Employees are taxed 6.2% of their earnings up to a certain limit for Social Security, while employers are required to chip in the same amount."
"You can start receiving Social Security as early as 62 and in 2026, you can earn up to $24,480 without having any of these benefits withheld. For earnings beyond this amount, $1 in benefits will be deducted for every $2 earned. This earnings limit increased from $23,400 in 2025. Meanwhile, people who will reach full retirement age in 2026-a few months short of 67-then you can earn up to $65,160 in earnings before your benefits are withheld."
Roughly 75 million Americans will receive a 2.8% cost-of-living increase to Social Security benefits and Supplemental Security Income in 2026. The Social Security Administration raised the taxable maximum for wages to $184,500, increasing the amount of earnings subject to the 6.2% employee Social Security tax matched by employers. Workers who begin collecting benefits at 62 can earn up to $24,480 in 2026 without benefit withholding; benefits are reduced $1 for every $2 earned above that. People reaching full retirement age in 2026 can earn up to $65,160 before withholding begins. These changes affect taxes and benefit withholding for working beneficiaries.
Read at Fast Company
Unable to calculate read time
Collection
[
|
...
]