{"id":68,"date":"2022-07-17T18:40:38","date_gmt":"2022-07-17T18:40:38","guid":{"rendered":"https:\/\/fin.kim\/?p=68"},"modified":"2023-11-24T17:28:03","modified_gmt":"2023-11-24T17:28:03","slug":"social-security-benefits-vs-income","status":"publish","type":"post","link":"https:\/\/fin.kim\/social-security-benefits-vs-income\/","title":{"rendered":"Social Security Benefits vs Income"},"content":{"rendered":"<div class=\"postie-post\">\n<div dir=\"ltr\">\n<div id=\"gmail-:1w4\" class=\"gmail-Ar gmail-Au gmail-Ao\">\n<div id=\"gmail-:1w0\" class=\"gmail-Am gmail-Al editable gmail-LW-avf gmail-tS-tW gmail-tS-tY\" aria-label=\"Message Body\" role=\"textbox\" aria-multiline=\"true\" tabindex=\"1\" style=\"direction:ltr;min-height:376px\">What is the max benefit from social security?<\/p>\n<div><\/div>\n<div>The max benefit is $3,345 per month if retiring\u00a0at full retirement age in 2022.<\/div>\n<div><\/div>\n<div>To get max benefit, you need to average $147K over your 35 highest years (with some indexing for inflation).\u00a0 I think this is based on income that is taxed by social security.\u00a0 Anyone know for sure?\u00a0 \u00a0In that case a windfall year wouldn&#39;t bump up the average much because it only counts the amount taxed by social security.<\/div>\n<div><\/div>\n<div>Our friends over at gobankingrates offer some additional details.<\/div>\n<div><a href=\"https:\/\/www.gobankingrates.com\/retirement\/social-security\/salary-you-need-get-maximum-social-security-benefit\/\">https:\/\/www.gobankingrates.com\/retirement\/social-security\/salary-you-need-get-maximum-social-security-benefit\/<\/a><\/div>\n<div><a href=\"https:\/\/www.gobankingrates.com\/retirement\/social-security\/how-social-security-calculated\/\">https:\/\/www.gobankingrates.com\/retirement\/social-security\/how-social-security-calculated\/<\/a><\/div>\n<div><\/div>\n<div>There are a few sites with benefit calculators.\u00a0 Interesting that they ask for annual salary and not &#39;average annual salary for 35 highest earning years&#39;.<\/div>\n<div><a href=\"https:\/\/www.bankrate.com\/retirement\/social-security-benefits-calculator\/\">https:\/\/www.bankrate.com\/retirement\/social-security-benefits-calculator\/<\/a><\/div>\n<div><a href=\"https:\/\/smartasset.com\/retirement\/social-security-calculator\">https:\/\/smartasset.com\/retirement\/social-security-calculator<\/a><\/div>\n<div>SSA has a quick calculator as well,\u00a0<a href=\"https:\/\/www.ssa.gov\/OACT\/quickcalc\/index.html\">https:\/\/www.ssa.gov\/OACT\/quickcalc\/index.html<\/a><\/div>\n<div><\/div>\n<div>I didn&#39;t find it anywhere, but would like to see a graph of benefits vs income.\u00a0 \u00a0Looks like they smooth out the benefits curve.\u00a0 First bracket of income has 90% replacement factor, then 32% and finally 15%.\u00a0 So, after a certain salary additional income doesn&#39;t increase your benefits much.<\/div>\n<div>Wonky write up here:\u00a0<a href=\"https:\/\/sgp.fas.org\/crs\/misc\/R42035.pdf\">https:\/\/sgp.fas.org\/crs\/misc\/R42035.pdf<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>What is the max benefit from social security? The max benefit is $3,345 per month if retiring\u00a0at full retirement age in 2022. To get max benefit, you need to average $147K over your 35 highest years (with some indexing for inflation).\u00a0 I think this is based on income that is taxed by social security.\u00a0 Anyone &hellip; <a href=\"https:\/\/fin.kim\/social-security-benefits-vs-income\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Social Security Benefits vs Income<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/fin.kim\/wp-json\/wp\/v2\/posts\/68"}],"collection":[{"href":"https:\/\/fin.kim\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fin.kim\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fin.kim\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/fin.kim\/wp-json\/wp\/v2\/comments?post=68"}],"version-history":[{"count":1,"href":"https:\/\/fin.kim\/wp-json\/wp\/v2\/posts\/68\/revisions"}],"predecessor-version":[{"id":94,"href":"https:\/\/fin.kim\/wp-json\/wp\/v2\/posts\/68\/revisions\/94"}],"wp:attachment":[{"href":"https:\/\/fin.kim\/wp-json\/wp\/v2\/media?parent=68"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fin.kim\/wp-json\/wp\/v2\/categories?post=68"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fin.kim\/wp-json\/wp\/v2\/tags?post=68"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}