Maximum Social Security Benefit
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June 16, 2024 2:24 am
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Maximum Social Security Benefit – James Royal, Ph.D. James Royal, Ph.D. Lead Author, Investments and Wealth Management Expertise Ribbon • Investing • Wealth Management Lead author and editor James F. Royal, Ph.D., covers investing and wealth management. His work has been reported by CNBC, The Washington Post, The New York Times and more. Read more Connect with James Royal, Ph.D. Twitter Connect with James Royal on Twitter, Ph.D. LinkedIn Meet James Royal, Ph.D., on LinkedIn. Close by email Email James Royal, Ph.D.
Edited by Mercedes Barba Mercedes Barba Senior Investing Editor Ribbon Expertise • Investing • Stock Analysis Mercedes Barba is an experienced Emmy-nominated senior editor and video producer. He is currently Senior Investing Editor, leading the group’s investment and retirement coverage. Prior to that, Mercedes served as a senior editor at Next Advisor. Read more LinkedIn Connect with Mercedes Barba on LinkedIn Close Mercedes Barba
Maximum Social Security Benefit
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Learn About Social Security Income Limits
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Three Steps To Get Maximum $4,194 Social Security Benefit Each Month In 2022
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Social Security Disability Benefits Pay Chart (2024)
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If you’re planning to retire, one of your main questions is how much you’ll be able to earn from Social Security — how much is the maximum you can get? As of January 2024, the maximum benefit you can receive at full retirement age is $3,822 per month, but that’s only part of the story because the actual maximum benefit is actually quite a bit higher — and here’s how to get it.
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The maximum Social Security benefit depends on the age you file for your benefit, along with other factors, such as your contributions to the program:
Social Security reduces benefits by 30 percent for those who file at age 62. On the other hand, every year after full retirement age that you delay depositing increases benefits by 8 percent.
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In contrast to these maximum amounts, the average Social Security benefit is slightly lower — about $1,706 per month as of August 2023. That’s less than half the maximum benefit for a worker starting benefits at full retirement age in 2024 .
While waiting longer to file may increase your total monthly benefit, it may not increase your total lifetime payment from Social Security, depending on how long you live. You’ll need to calculate your break-even age to determine whether it’s best to file for Social Security benefits.
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Social Security calculates benefits using a complex formula to determine your Primary Insurance Amount (PIA) — that is, your benefit at full retirement age.
To do this, Social Security takes the 35 highest-earning years after age 21 to determine your average monthly earnings. You only get the credit for earnings up to the Social Security wage base, which is the maximum amount of income against which Social Security taxes are calculated. For 2024, the Social Security wage base is $168,600, an increase from $160,200 in 2023.
Your Social Security Benefit Isn’t Always Based On 35 Years Of Work History
Employees pay 6.2% of their income up to the base salary, while their employers pay another 6.2%. The self-employment leg of this Social Security tax has two parts.
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And if you don’t have 35 years of earnings? Social Security is zero for each year you miss, reducing your average monthly earnings.
The numbers from these high-earning years are added together and adjusted for inflation to determine your average monthly earnings. Social Security applies a tiered formula based on these earnings to determine your actual payment at full retirement.
Based on the formula above and other Social Security rules, you have a few basic ways to increase your benefit amount:
How To Get The Maximum Social Security Benefit
Although you generally
don’t get a second chance when it comes to Social Security, at least in two cases you can get a “do” that will allow you to receive a higher payment.
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If you’re trying to maximize your Social Security benefit, it makes sense to explore all the ways to do so. Pull several levers that will help you get a higher payout.
The maximum Social Security benefit depends on earning a high income over the long term, which very few people achieve. But even if you don’t have high earnings, you can make smart moves, like delaying applying for benefits, to significantly increase your earnings.
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Lead author and editor James F. Royal, Ph.D., covers investing and wealth management. His work has been reported by CNBC, The Washington Post, The New York Times and more.
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Here’s The Average Social Security Benefit At Every Age
Edited by Mercedes Barba Mercedes Barba Senior Investing Editor Ribbon Expertise • Investing • Stock Analysis Mercedes Barba is an experienced Emmy-nominated senior editor and video producer. He is currently Senior Investing Editor, leading the group’s investment and retirement coverage. Prior to that, Mercedes served as a senior editor at Next Advisor. Read more Connect with Mercedes Barba on LinkedIn Mercedes Barba Senior Investing Editor In a report, the Congressional Budget Office outlines its long-term projections for Social Security. A projection set reflects a scenario in which plan benefits are paid as scheduled under applicable law, regardless of whether the two plan trust funds have sufficient balances to cover those payments. Another projection reflects a scenario in which Social Security spending is capped at the amount that will be paid out of annual revenues after common trust funds are depleted in fiscal year 2033.
, the Old Age and Survivors Insurance Trust Fund will be depleted in fiscal year 2032, and the Disability Insurance Trust Fund will be depleted in calendar year 2052. The actual Social Security deficit over the next 75 years is equal to 7 percent of GDP, or 5 .1 percent of taxable salary.
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The Congressional Budget Office’s long-term projections for Social Security generally follow the agency’s 10-year baseline budget projections and expand on many of the concepts underlying those projections. However, this year, the long-range projections are based on the agency’s May 2023 baseline estimates, but also reflect the projected fiscal impact of the Fiscal Responsibility Act of 2023 (FRA, Public Law118-5).
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