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SS Amounts
Up In 1980
Increases in average earnings covered by social security the past year triggered an increase in the retirement test annual exempt amount for people receiving social security benefits, Bruce A. Hundley, social security manager in Culpeper, said recently.
The retirement test annual exempt amount is the amount of earnings a person can have and still receive all benefits for the year.
For people under 65, the 1980 annual exempt amount will be $3,720. The 1979 amount was $3,480.
For people 65 or over the 1980 annual exempt Amount is $5,000. The 1979 amount was $4,500.
A person whose 1980 earnings go over the annual exempt amount generally has $1 in benefits withheld for each $2 of earnings above the exempt amount.
Another figure increased is the amount of annual earnings required to receive social security credits. A person needs credit for a certain amount of work to be eligible for social security benefits. This credit is measured in “quarters of coverage.” A person can receive up to 4 “quarters of coverage” in a year.
In 1980, a person receives credit for one "quarter of coverage” for each $290 of annual earnings, up to a maximum of four if annual earnings are $1,160 or more. The 1979 measure was $260.
More information about social security credits and about the retirement test can be obtained at the Culpeper social security office. Free leaflets are available that give more detail about both of these subjects. The office is located at 522 Culpeper Shopping Center and the telephone number is 8253500.
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