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AARP's Social Security Q&A Tool

I received severance pay when my company closed down. How does this affect the Social Security benefit I am collecting?

En español | It should not affect the benefit. Get a statement from your former employer verifying that the severance pay is a “special payment” and not part of your regular income. That way, it will not count toward the earnings cap, $15,480 for 2014. If you exceed that cap and have not yet reached full retirement age, you could lose some or all of your benefit.

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