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Here's the salary you need if you want the maximum Social Security benefit. ... 2007. $97,500. 1983. $35,700. 2008. $102,000 ... by drawing down your retirement accounts in your 60s or continuing ...
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. [1] [2 ...
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. Two people sitting at a table looking at documents.
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.
The second thing you must do to earn the max benefit is to earn the maximum income subject to Social Security payroll taxes in each of your 35 highest-earning years. In 2024, that's $168,600. In ...
Receiving the maximum possible Social Security retirement benefit requires you to work a long, high-paying career and wait until age 70. ... 2007. $97,500. 1983. $35,700. 2008. $102,000. 1984.
If you want to earn the maximum Social Security retirement benefit, be prepared to work many years at a high salary and put off collecting benefits as long as possible. Even if you do get the ...
Work for at least 35 years. ... To get the maximum $5,108 Social Security payment in 2025, you'll not only need to have at least 35 years of maximum earnings, but you'll need to claim your benefit ...
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