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What Is The Maximum To Pay Into Social Security To Get The Maximum Payout?
what is the maximum to pay in to my social security account to get the maximum payout at age 62
Hi,
Social Security retirement benefits are based on an average of a person's highest 35 years of wage adjusted earnings (https://www.ssa.gov/pubs/EN-05-10070.pdf). In order to be due their highest possible benefit rate, someone turning age 62 this year would need to have paid the maximum amount of Social Security taxes in every year since 1982. A wage earner doing so would have paid a total of $157,311.60 in Social Security taxes during that time.
Best, Jerry
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May 17, 2017