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One income limit directly affecting your benefit amount is the maximum taxable earnings limit. ... In 2025, the maximum Social Security payment will be increasing from $4,873 per month to a ...
For those first becoming eligible in 2025, the formula applied to average indexed monthly earnings (AIME) is: 90% of the first $1,226. 32% of the amount between $1,226 and $7,391.
The general Social Security earnings-test limit in 2025 is $23,400 (up from $22,320 in 2024). You'll have $1 in Social Security withheld for every $2 you earn above that limit.
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.
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. ... puts a cap on the amount of earnings it ...
Maximum Benefit in 2025. 62. $2,831. 67. $4,043. 70. ... Chart showing Social Security full retirement ages by birth year. ... only income up to a certain amount is included, called the "wage base ...
This limit is the highest income subject to Social Security taxes, and you'll need to consistently reach this cap to earn the maximum possible benefit amount. In 2024, the limit is $168,600 per year.
But those who work a full career and wait until age 70 to claim may still be in line for a substantial amount. The maximum Social Security retirement benefit in 2025 will be $5,108 per month, or ...