If a retiree were to win Friday's estimated $970 million (and growing) Mega Millions jackpot, his or her monthly Social Security benefit would be a mere drop in the monthly income bucket. Nonetheless, savvy retirees who know about Social Security's earnings test -- whereby Social Security will withhold $1 in benefits for every $2 in earnings above $17,640 in 2019 for workers who are younger than full retirement age (age 66 for people born in 1943 through 1954) -- still occasionally express concern about potentially lost benefits in the event of a lottery windfall.
Good news: Lottery winnings aren't subject to the Social Security earnings test, so your jackpot won't reduce your benefits. But like other high-income households, you may have to pay bigger Medicare Part B premiums at age 65. The top premium in 2019 will be $460.50 per month.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
-
457 Plan Contribution Limits for 2025Retirement plans There are higher 457 plan contribution limits for state and local government workers in 2025 than in 2024.
-
Medicare Basics: 11 Things You Need to KnowMedicare There's Medicare Part A, Part B, Part D, Medigap plans, Medicare Advantage plans and so on. We sort out the confusion about signing up for Medicare — and much more.
-
Six of the Worst Assets to Inheritinheritance Leaving these assets to your loved ones may be more trouble than it’s worth. Here's how to avoid adding to their grief after you're gone.
-
SEP IRA Contribution Limits for 2024 and 2025SEP IRA A good option for small business owners, SEP IRAs allow individual annual contributions of as much as $69,000 in 2024 and $70,000 in 2025..
-
Roth IRA Contribution Limits for 2024 and 2025Roth IRAs Roth IRA contribution limits have gone up. Here's what you need to know.
-
SIMPLE IRA Contribution Limits for 2024 and 2025simple IRA The SIMPLE IRA contribution limit increased by $500 for 2025. Workers at small businesses can contribute up to $16,500 or $20,000 if 50 or over and $21,750 if 60-63.
-
457 Contribution Limits for 2024
retirement plans State and local government workers can contribute more to their 457 plans in 2024 than in 2023.
-
Roth 401(k) Contribution Limits for 2025retirement plans The Roth 401(k) contribution limit for 2024 is increasing, and workers who are 50 and older can save even more.
