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To elaborate, retired workers born in 1960 or later will get a Social Security benefit equal to 70% of their PIA if they claim at 62, but they will get a benefit equal to 124% of their PIA if they ...
Social Security limits the amount of wages that it taxes each year based on inflation and wage growth. In 2024, Social Security's wage cap was $168,600. In 2025, it's $176,100.
This limit is the highest income subject to Social Security taxes, and you'll need to consistently reach this cap to earn the maximum possible benefit amount. In 2024, the limit is $168,600 per year.
There’s a formula used by the Social Security Administration (SSA) that takes your 35 highest-paid years of earnings into account and indexes earlier wages for inflation.
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 ...
Image source: Getty Images. 1. The 2025 Social Security COLA. Social Security beneficiaries are getting a 2.5% cost-of-living adjustment, or COLA, starting with the payment they receive in January ...
The Social Security Administration assigns everyone a full retirement age (FRA) based on the year they were born. A few decades ago, FRA used to be 65. A few decades ago, FRA used to be 65.
Social Security uses inflation data from July, August, and September of the previous year to determine the upcoming year's COLA. So, while the 2.5% COLA seems modest, it also means that inflation ...