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Source: Social Security Administration. Table by author. More recently, the average and maximum benefits have increased substantially year-over-year.
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. [1] [2] A person with $10,000 of gross income had $620.00 withheld as Social Security tax from his check and the employer sent an additional $620.00. A person with $130,000 of ...
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.
The second thing you must do to earn the max benefit is to earn the maximum income subject to Social Security payroll taxes in each of your 35 highest-earning years. In 2024, that's $168,600. In ...
The Social Security Administration adjusts the amount each year for inflation. For 2024, anyone earning $168,600 or more paid the exact same amount of Social Security taxes. The limit for 2025 is ...
To be eligible for the maximum monthly benefit, you must earn at least the wage base limit in each of the 35 years that Social Security uses to calculate your benefit amount. For perspective ...
This is the maximum amount of your income subject to Social Security payroll taxes each year. To receive the maximum monthly benefit, you'll need to earn at least the wage base limit in each of ...
In 2024, the maximum monthly Social Security benefit at full retirement age was $3,822. In 2025, it's rising to $4,018. ... And if you're entitled to a monthly benefit of $4,018 this year and ...