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provides that beneficiaries over 65 can earn as much as $4,000 in 1978 without any cutback in their social security checks. The earnings limit was $3,000 in 1977 for beneficiaries under 72.
Once a person’s earnings exceed $4,000 for 1978, $1 in benefits will be withheld for each $2 in earnings.
Additional increases are scheduled in the annual earnings limit. The limit will rise to $4,500 for 1979, $5,000 for 1980, $5,500 for 1981, and to $6,000 for 1982. In later years, the limit will go up automatically to keep pace with increases in average wages covered by social security.
In 1978, people under 65 can receive all benefits if their annual earnings are $3,240 or less. The $1 for $2 reduction applies to earnings above $3,240. Future increases in this limit will also be made automatically. Other changes were made in social security. The most important include: —A change\in the way benefits are figuraMo ensure that people continue to get about the same proportion of preretirement earnings as present retirees now do. The new method goes into effect in 1979. —Increases from the present 1 percent to 3 percent a year the extra credit a worker gets if he or she does not receive benefits between
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