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Here's the salary you need if you want the maximum Social Security benefit. ... 2011. $106,800. 1987. $43,800. 2012. $110,100 ... but likely still need to supplement your Social Security income ...
It is also the maximum amount of covered wages that are taken into account when average earnings are calculated in order to determine a worker's Social Security benefit. In 2020, the Social Security Wage Base was $137,700 and in 2021 was $142,800; the Social Security tax rate was 6.20% paid by the employee and 6.20% paid by the employer.
Next year's maximum monthly payment is a hefty $5,108, or full-year income of $61,296. ... 2011. $106,800. 1991. $53,400. 2012. $110,100. ... Either amount of money would generate nice retirement ...
To this end, the table shows every year's maximum taxable income -- for Social Security purposes anyway -- going all the way back to 1984. Year Social Security's Taxable Earned Income Ceiling
2020. $137,700 . 1996. $62,700. 2021. $142,800 ... If you're in line for the maximum possible Social Security benefit, that means you've earned a relatively high salary for at least 35 years ...
Being incapable of substantial gainful employment is one of the criteria for eligibility for Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI) benefits. It is known as the "SGA requirement," and is defined in Section 520 of the Social Security Act.
This is how the average and maximum benefit amounts have changed since 2014 -- as well as some not-so-good news about the future of Social Security. ... which is the highest income subject to ...
The maximum earnings reported to Social Security. ... 2020. $137,700. 1996. $62,700. 2021. ... If you can keep working to reach 35 years of earnings history or collect a high income now to offset ...