Montgomery County Social Security Office Technical Expert Mark Gerhart says there is no Cost Of Living Adjustment next year because the cost of living did not go up this year, and in fact it went down slightly. He says that means the Allowable Earning Limit also stays where it is for the first time ever.
“There has always been an increase as long as we’ve had these allowable exempt amounts, but the law ties the cost of living and the increase in the allowable earnings. Zero in one means zero increase in the other.”
On the other hand, he says, a rumor that the Cost Of Living Adjustment will be frozen for three years is not true.
“There is no three-year freeze. We are unaware of any legislation in Congress that would implement a three-year freeze. That is literally an internet rumor.”
Gerhart says people under the age of 66 can earn a little over $14,000 a year and still get full benefits, while people 66 and up can earn nearly $38,000. He appeared Tuesday on the WNPV talk program Comment Please by Univest.