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SGA does not include any work a claimant does to take care of themselves, their families or home. It does not include unpaid work on hobbies, volunteer work, institutional therapy or training, attending school, clubs, social programs or similar activities: [6] however, such unpaid work may provide evidence that a claimant is capable of substantial gainful activity. [7]
A person who earned a million dollars in wages paid the same $7,886.40 in Social Security tax (resulting in an effective rate of approximately 0.79%), with equivalent employer matching. In the cases of the $130k and $1m earners, each paid the same amount into the social security system, and both will take the same out of the social security system.
Each calendar year, the wages of each covered worker [a] up to the Social Security Wage Base (SSWB) are recorded along with the calendar by the Social Security Administration. If a worker has 35 or fewer years of earnings, then the Average Indexed Monthly Earnings is the numerical average of those 35 years of covered wages; with zeros used to ...
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. Two people sitting at a table looking at documents.
Source: Data source: Social Security Administration, 2023 Annual Statistical Supplement. *As of December 2024. The most recent average monthly benefit of $1,975 amounts to around $23,700 -- which ...
To qualify for Social Security as a retiree, you need to earn 40 work credits in your lifetime, at a maximum of four credits per year. In 2025, a single work credit is worth $1,810, up from $1,730 ...
SGA is defined as being able to make more than a set indexed amount of lawful wages per month, which is set higher for blind individuals than for non-blind individuals, pursuant to the Social Security Act. The amount set as of the year 2017 is $1,950 per month for legally blind individuals, and is $1,170 per month for non-blind individuals.
Claiming Social Security at 62 would reduce your monthly PIA by 30%; delaying benefits until 70 would increase it by roughly 24% (assuming your full retirement age is 67).