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It is also the maximum amount of covered wages that are taken into account when average earnings are calculated in order to determine a worker's Social Security benefit. In 2020, the Social Security Wage Base was $137,700 and in 2021 was $142,800; the Social Security tax rate was 6.20% paid by the employee and 6.20% paid by the employer.
If you retire at your full retirement age in 2022 (65 or older, depending on the year you were born), your maximum benefit would be $3,345. However, if you retire at age 62, your maximum benefit ...
Social Security Schedule: When the First COLA Checks Will Arrive in January 2022 Social Security 2022: ... the maximum Social Security benefit drops to $2,324. If you retire any time between age ...
Collecting the maximum Social Security benefit does not require you to earn millions of dollars each year as there's an annual limit on the amount of individual wages the government taxes for the ...
The average Social Security payment of $1,230/month ($14,760/year) in 2013 [101] is only slightly above the federal poverty level for a one-person household – $11,420/yr and below the poverty guideline of $15,500/yr for two person households. [102]
The Average Indexed Monthly Earnings (AIME) is used in the United States' Social Security system to calculate the Primary Insurance Amount which decides the value of benefits paid under Title II of the Social Security Act under the 1978 New Start Method. Specifically, Average Indexed Monthly Earnings is an average of monthly income received by ...
But the differences between the maximum possible 2025 Social Security benefit at 62, 67, and 70 show the value of delaying benefits as long as possible. ... 2007. $97,500. 1983. $35,700. 2008 ...
This is how the average and maximum benefit amounts have changed since 2014 -- as well as some not-so-good news about the future of Social Security. ... it's no surprise that Social Security ...