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2007. $97,500. 1983. $35,700. 2008. $102,000 ... Here's the maximum possible Social Security benefit at ages 62, 66, 67, and 70 ... An analysis from United Income in 2019 found that 57% of ...
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.
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 ...
To be eligible for the maximum monthly benefit, you must earn at least the wage base limit in each of the 35 years that Social Security uses to calculate your benefit amount. For perspective ...
Each calendar year, the wages of each covered worker [a] up to the Social Security Wage Base (SSWB) are recorded along with the calendar by the Social Security Administration. If a worker has 35 or fewer years of earnings, then the Average Indexed Monthly Earnings is the numerical average of those 35 years of covered wages; with zeros used to ...
As you can see, the maximum benefit varies widely depending on the age you decide to start Social Security. A 70-year-old can receive up to $61,296 in annual benefits.
People hoping to receive the maximum Social Security benefit need to pay close attention to the yearly wage base limits. ... 2019. $132,900. 2018. $128,400. 2017. $127,200. 2016. $118,500.
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 ...