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Old 08-16-2014, 07:41 AM
 
Location: Naples & Sarasota Florida
597 posts, read 961,998 times
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I'm not near retirement yet but I was wondering if someone could tell me what is the maximum Social Security Benefit as of today?

I think it changes if a person takes it at 62 or 67, is that correct?

Thanks
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Old 08-16-2014, 07:45 AM
 
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There are many posts on this subject already. Do a search under Social Security. Just look on this page. There is an active post going on right now on this subject.
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Old 08-16-2014, 07:51 AM
 
Location: Naples & Sarasota Florida
597 posts, read 961,998 times
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Thanks. It was all the way back in January but I did find it. Thanks.
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Old 08-16-2014, 07:56 AM
 
Location: North Idaho
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I'm not sure if there is a statutory maximum. I think the maximum benefit would result from earning the maximum taxable earnings (currently $117k) in every year of your career, working until age 70, and taking benefits then. I don't know what that number would be.

I can tell you it's at least $3,500 per month.

Dave
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Old 08-16-2014, 07:58 AM
 
71,648 posts, read 71,777,271 times
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I think it is about 4950.00 a month. For that you would have needed to contribute against the max ss was taxed at for 35 years.

That means you basically needed to earn more income each year then was taxable by silocial security. I imagine you really have had to be a pretty high income earner to do it across the board.

It would be reduced by 28% if you took it early at 62.
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Old 08-16-2014, 11:00 AM
 
29,782 posts, read 34,876,173 times
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Quote:
Originally Posted by Cnynrat View Post
I'm not sure if there is a statutory maximum. I think the maximum benefit would result from earning the maximum taxable earnings (currently $117k) in every year of your career, working until age 70, and taking benefits then. I don't know what that number would be.

I can tell you it's at least $3,500 per month.

Dave
Bada Bing that is close to max which was a tad over 40K
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Old 08-16-2014, 11:07 AM
 
29,782 posts, read 34,876,173 times
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Quote:
Originally Posted by mathjak107 View Post
I think it is about 4950.00 a month. For that you would have needed to contribute against the max ss was taxed at for 35 years.

That means you basically needed to earn more income each year then was taxable by silocial security. I imagine you really have had to be a pretty high income earner to do it across the board.

It would be reduced by 28% if you took it early at 62.
Not that high yet bro but soon with compounded COLA.
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Old 08-16-2014, 11:09 AM
 
29,782 posts, read 34,876,173 times
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Quote:
Originally Posted by Cnynrat View Post
I'm not sure if there is a statutory maximum. I think the maximum benefit would result from earning the maximum taxable earnings (currently $117k) in every year of your career, working until age 70, and taking benefits then. I don't know what that number would be.

I can tell you it's at least $3,500 per month.

Dave
There is no statutory maximum. It really is just kicking back and waiting for the table to be updated every year and chomping at the bit for age 70. almost 3 1/2 more for me. Getting spousal now and the wife has decent benefits so by waiting I am not taking the hit a single person would be taking. Makes a big difference and many don't figure that in their decision making.
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Old 08-16-2014, 11:23 AM
 
Location: OH>IL>CO>CT
5,238 posts, read 8,409,707 times
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Quote:
Originally Posted by Cnynrat View Post
I'm not sure if there is a statutory maximum. I think the maximum benefit would result from earning the maximum taxable earnings (currently $117k) in every year of your career, working until age 70, and taking benefits then. I don't know what that number would be.

I can tell you it's at least $3,500 per month.

Dave
The SSA's chart at Workers with Maximum-Taxable Earnings
seems to say that someone, retiring in 2014, at age 70, with the max 35 years, would get $3425/month.
If age 65, it's $2431. At age 62 it's $1992

The chart does not say which years (early, late, random ?) the 35 occurred in. I would assume latest; ie, worked right up to age 70 at max rate).
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Old 08-16-2014, 11:54 AM
 
29,782 posts, read 34,876,173 times
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Quote:
Originally Posted by reed303 View Post
The SSA's chart at Workers with Maximum-Taxable Earnings
seems to say that someone, retiring in 2014, at age 70, with the max 35 years, would get $3425/month.
If age 65, it's $2431. At age 62 it's $1992

The chart does not say which years (early, late, random ?) the 35 occurred in. I would assume latest; ie, worked right up to age 70 at max rate).
Don't need to work up to age 70. Do need the 35 years in. That 3425 sounds about right. I know its a tad over 40K so that is about right if not right on target at $41,100 per annum. Now imagine a 2% COLA each year compounded on that 41,100 has you at 45,377 in five years. It would be the highest 35 years adjusted by their inflation calculation not just the highest raw dollar amount. I retired at age late 59 with a benefit at age 70 of close to the amount and it has stayed that way. I had 35 plus years of work in etc etc.
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