Celebrate Black History Month and Receive 25% Off Membership Dues. Learn More

 

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, $15,720 for 2016. If you exceed that cap and have not yet reached full retirement age, you could lose some or all of your benefit.


Submit a Question to AARP Experts

Didn’t see the answer to your question? Help us improve the tool by submitting your Social Security question. Go


Next Article

Read This