What is the maximum possible future SS payment?

[Anonymous]

I am currently 53. Not retiring right now.

How much do I have to earn to get the max possible SS payment when I do retire, and at what age would I need to claim it?

In other words, what is the youngest age at which one could claim and receive the highest possible SS payout in the future, and how much do you need to earn for how long by what age to hit that level?

[Anonymous]

This is easily google-able

https://www.investopedia.com/ask/answers/102814/what-maximum-i-can-receive-my-social-security-retirement-benefit.asp

[Anonymous]

The max possible social security payment if you hit The earnings cap for 35 years and retired at age 67 in 2024 is 3,822. If you waited until 70 and had 35 years of max earnings it would be $4,873

[Anonymous]

Anonymous wrote:The max possible social security payment if you hit The earnings cap for 35 years and retired at age 67 in 2024 is 3,822. If you waited until 70 and had 35 years of max earnings it would be $4,873

I would recommend that you assume that you will only get 75% of this benefit for retirement planning purposes given the current underfunding of The social security program.

[Anonymous]

Okay but how do you tell what it will be in the future?

Is the answer always “earnings cap x 35 years” to get it?

[Anonymous]

Anonymous wrote:Okay but how do you tell what it will be in the future?

Is the answer always “earnings cap x 35 years” to get it?

You can play with the numbers on the calculator in your social security account.

[Anonymous]

Anonymous wrote:Okay but how do you tell what it will be in the future?

Is the answer always “earnings cap x 35 years” to get it?

The future is adjusted by COLAs so you’d have to predict those.

Earnings caps go up every year, quite a bit in the last few years.

Max is if you wait until 70 to start drawing it.

[Anonymous]

IMO the earnings cap will significantly increase in coming years, how else are they going to pay off debt and secure the SS trust fund by taxing the wealthy in ways most people won’t object to?

[Anonymous]

The exact dollar amount is unknown because it depends on inflation, but if you do 35 years of covered employment at the fica cap, don't have any noncovered employment subject to wep or gpo, and wait until 70 to claim, under current law nobody would get more than you.

[Anonymous]

Anonymous wrote:The max possible social security payment if you hit The earnings cap for 35 years and retired at age 67 in 2024 is 3,822. If you waited until 70 and had 35 years of max earnings it would be $4,873

+1. I am 54 and earn $250,000 per year. I hope to continue working until at least age 65 as I greatly enjoy my career.

I recently checked my SS statement, and it said that my personalized monthly retirement benefit estimates would be (depending on the age when I start)(and assuming that I continue to earn at least $160,200 per year until the start of my benefits) --

$2,573 per month at age 62 (earliest possible start date)
or
$3,823 per month at age 67 (full retirement age)
or
$4,784 per month at age 70

If I were to die before my DH, then it looks like he would get a survivor's benefit of $3,653 per month (if I were to wait until age 67 to claim benefits).

[Anonymous]

Anonymous wrote:IMO the earnings cap will significantly increase in coming years, how else are they going to pay off debt and secure the SS trust fund by taxing the wealthy in ways most people won’t object to?

YES.

[Anonymous]

Anonymous wrote:

Anonymous wrote:The max possible social security payment if you hit The earnings cap for 35 years and retired at age 67 in 2024 is 3,822. If you waited until 70 and had 35 years of max earnings it would be $4,873

I would recommend that you assume that you will only get 75% of this benefit for retirement planning purposes given the current underfunding of The social security program.

Stop with the fear mongering.

The SS benefit will be funded from the general treasury if necessary. Further the money “raided” from the trust fund is owed back and if it’s not paid it destroys the treasury’s credit rating.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The max possible social security payment if you hit The earnings cap for 35 years and retired at age 67 in 2024 is 3,822. If you waited until 70 and had 35 years of max earnings it would be $4,873

I would recommend that you assume that you will only get 75% of this benefit for retirement planning purposes given the current underfunding of The social security program.

Stop with the fear mongering.

The SS benefit will be funded from the general treasury if necessary. Further the money “raided” from the trust fund is owed back and if it’s not paid it destroys the treasury’s credit rating.

I am 20-iah years from taking benefits, and that's about what I am assuming. Not that Treasury wouldn't fund payments, but that they will be reduced by legislation. I assume that those at the upper end of benefit will get a haircut in the 20-25% range, through means testing or just slow benefits cuts.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The max possible social security payment if you hit The earnings cap for 35 years and retired at age 67 in 2024 is 3,822. If you waited until 70 and had 35 years of max earnings it would be $4,873

I would recommend that you assume that you will only get 75% of this benefit for retirement planning purposes given the current underfunding of The social security program.

Stop with the fear mongering.

The SS benefit will be funded from the general treasury if necessary. Further the money “raided” from the trust fund is owed back and if it’s not paid it destroys the treasury’s credit rating.

I am 20-iah years from taking benefits, and that's about what I am assuming. Not that Treasury wouldn't fund payments, but that they will be reduced by legislation. I assume that those at the upper end of benefit will get a haircut in the 20-25% range, through means testing or just slow benefits cuts.

You can assume that all you want. But even if they reduce the benefit, it would be from the date enacted, which means whatever you put in before would be calculated at the current rate.

What will actually happen, if anything, is the retirement age will be raised, the cap will be increased, and any short falls will be covered by appropriations. But the most likely scenario is simply the latter, if the trust fund runs out (including the significant debt owed by the treasury) then Congress will write a check. If they do not write a check, the US goes bankrupt.

If social security is ended in some form, it will also only go into effect, at the earliest, the date enacted.

The government can’t just retroactively take away social security benefits already accrued. It’s a mandatory program with debts accrued for every worker who has contributed.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The max possible social security payment if you hit The earnings cap for 35 years and retired at age 67 in 2024 is 3,822. If you waited until 70 and had 35 years of max earnings it would be $4,873

I would recommend that you assume that you will only get 75% of this benefit for retirement planning purposes given the current underfunding of The social security program.

Stop with the fear mongering.

The SS benefit will be funded from the general treasury if necessary. Further the money “raided” from the trust fund is owed back and if it’s not paid it destroys the treasury’s credit rating.

I am 20-iah years from taking benefits, and that's about what I am assuming. Not that Treasury wouldn't fund payments, but that they will be reduced by legislation. I assume that those at the upper end of benefit will get a haircut in the 20-25% range, through means testing or just slow benefits cuts.

You can assume that all you want. But even if they reduce the benefit, it would be from the date enacted, which means whatever you put in before would be calculated at the current rate.

What will actually happen, if anything, is the retirement age will be raised, the cap will be increased, and any short falls will be covered by appropriations. But the most likely scenario is simply the latter, if the trust fund runs out (including the significant debt owed by the treasury) then Congress will write a check. If they do not write a check, the US goes bankrupt.

If social security is ended in some form, it will also only go into effect, at the earliest, the date enacted.

The government can’t just retroactively take away social security benefits already accrued. It’s a mandatory program with debts accrued for every worker who has contributed.

Congress can do whatever it wants, if they get the buy in of 218 reps, 61 senators (51 if no filibuster?) and the president. Social security is not in the Constitution. You want to lower benefits to.lower costs? Push down the COLA formula. Make it means tested.

Now those will be hard things politically, I agree. But sooner or later something has to give.