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FRONT PORCH MONEY · Issue #8
Good morning. Here's what changed with your money this week, in four minutes.
THE BIG ONE: Working while collecting? Your 2027 limit
What changed: If you work and collect Social Security before full retirement age, there's a yearly earnings limit. In 2027, it rises to $25,560, up from $24,480 this year.
In the year you reach full retirement age, the limit rises to $67,920, up from $65,160.
What it means for your check: Above the limit, Social Security holds back $1 for every $2 you earn. Say you earn $35,000 in 2027. That's $9,440 over the limit, so $4,720 is held back.
The same pay this year would mean $5,260 held back. So you'd keep $540 more next year.
In the year you reach full retirement age, it's $1 for every $3, and only pay before that month counts. From that month on, there's no limit at all.
Only wages and net self-employment earnings count. Pensions, annuities, investment income and interest don't.
What to do: Don't panic if money is held back. It isn't lost. Your benefit is recalculated at full retirement age to make up for those months.
To check your own record, type ssa.gov into your browser yourself. Don't use a link from an ad, email or text.
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RATE WATCH
The best safe yields we found this week. The full table comes every Saturday.
Safe yield | Best this week | Where, and as of |
|---|---|---|
Online savings | About $427 a year on $10,000 (4.27% APY) | Peak Bank (online), $100 to open. As of Nov. 6. |
1-year CD | About $465 a year on $10,000 (4.65% APY) | CFG Bank (online), $500 minimum. No minimum: E*TRADE, 4.55% APY. As of Nov. 6. |
6-month Treasury bill | About $426 a year on $10,000 (4.26%) | TreasuryDirect or a brokerage. As of Nov. 6. |
5-year fixed annuity (MYGA) | About $605 a year on $10,000 (6.05%) | Athene, rated A+ by AM Best, $100,000 minimum. As of Nov. 8. Insurance product, not a bank deposit, not FDIC-insured. |
Dollar figures are about one year's interest on $10,000. Rates change often, so check before you open anything. We skip short-term promotions. Annuities aren't bank deposits and aren't FDIC-insured.
Your payments are set using the earnings you told Social Security to expect. If your pay will be different, let them know right away.
Use the phone number on an official letter, or type ssa.gov into your browser yourself. Don't call a number from an email or text.
SCAM WATCH: The fake "FTC official" who threatens your phone
The FTC warned about this one in late October. A caller says he works for the FTC and reads you a badge number. The badge is fake.
How it works: He says your phone number was used for scams in another country. Cooperate, he says, or your phone will be shut off. Then he passes you to a "police officer."
If you doubt them, they may tell you to look up a police number and call it. Scammers answer that call too. Later they say you're under arrest and must pay a "security deposit."
How to spot it: A real FTC employee will never ask you to send money. They won't threaten to cut off your phone. They won't tell you to keep it secret, or text you a photo of an ID.
What to do: Hang up. Don't send money or share personal details. Report it at ReportFraud.ftc.gov.
ASK FRONT PORCH
A question we hear a lot: "If I keep working, can my Social Security check go up?"
It can. Social Security reviews your earnings record every year. If your latest year is one of your highest, your benefit may be refigured.
Any increase is paid in December of the next year, back to January.
This is general education. Social Security can explain your own record.
That's it for today. Hit reply and send us your biggest money question. We read every one. Front Porch Money isn't affiliated with Social Security, the FTC or any government agency.
— The Front Porch Money team
Front Porch Money is general education, not personal financial, tax, legal or investment advice. Some links are from partners who may pay us; see our disclosures.