Retirement Council, Inc.
Social Security Information
Social Security Information: Changes for 2026
Employers pay Social Security tax, (FICA) 6.20% from wages up to $184,500. Medicare tax, 1.45% is paid on all wages. Employees earn one Social Security credit for each $1,890 in earnings up to a maximum of four credits for the year.
Caution: Social Security Beneficiaries Should Review the Best Claiming Strategy for their Situation.
Eligible Social Security beneficiaries may elect to receive benefits at age 62. However, a reduction of social security benefits may occur until you reach full retirement age. In 2026 the maximum benefit at age 62 is $2,969 and $5,181 at age 70.
Maximum Earnings
Reduction
Prior to the Year of Normal Retirement Age
The Year Of Full Retirement Age
Normal Retirement Age
$24,480
$65,160
Unlimited
$1 for every $2 earned over $24,480
$1 for every $3 earned over $65,160
Earnings Test
In April 2000, Congress eliminated the earning test at the full social security retirement age. Under the former law, persons under age 70 receiving Social Security forfeited a portion of their social security retirement benefit if they earned wages over a specified amount. Now the earnings test is eliminated at your "full retirement age". The chart below will show your own "full retirement age."
Year of Birth
Full Retirement Age
1937 or earlier
1938
1939
1940
1941
1942
1943 - 1954
1955
1956
1957
1958
1959
1960 and later
65
65 and 2 months
65 and 4 months
65 and 6 months
65 and 8 months
65 and 10 months
66
66 and 2 months
66 and 4 months
66 and 6 months
66 and 8 months
66 and 10 months
67
Source: Social Security Administration (SSA.gov)