The figures are made in such a way for those workers who presumably had steady earnings at their maximum taxable level since 22 years old. For the next year, the maximum taxable income is $160,200, which is a number that’s usually bigger by the year.
Your benefit solely depends on how much you earned, up to some maximum every year. Taking your benefit later in life might help increase it. Workers might claim a benefit way earlier, at 62 years old, for example, if they have contributed a minimum of 10 years of work, before reaching what’s known as full retirement age, which could range from 65 to 67, depending on the state they were born.
If you decide to claim your benefits earlier, your check will be way less than it could have been. But if you wait until 70 years old to claim your benefits, you will get more every month. As a matter of fact, the appropriate age to claim Social Security is one of the most debated topics.
If you want to get these benefits, you have to pay Social Security taxes of 6.2 percent of your income, up to the maximum taxable income. Your employees also pay another 6.2 percent of the salary you receive into that fund, but if you are self-employed, then you need to foot that portion of any tax bill, too.
If you found this article useful, you might also want to try: 10 Types Of Retirement Income Tax You Need To Know About
29 Responses
Thank you for the info.It was very helpful.
Gentlemen: For retired people who live outside of the USA, do these changes apply as well, or are they different? I aprecciate your answer.
True or fake?
Monthly Medicare Part B premiums will definitely increase from $170.10 in 2022 to only $164.90 in 2023. ???
Is the statement about increase correct. it looks like it is going down.
This increase is a gift from God, Thank you!!!!!!!
KINDA.PHONY.NO.REAL,HELP
Will I receive the increase and for how long?
I get less then $2,348 a month. I receive $1,260. I sure would like to see my SS higher.
Thank you…
No, it is a gift from Bidens inflation, to be clear
EXTREMELY GOOD INFORMATION!! THANK YOU.
In order to claim one’s husband’s social security, how many years to you two have to be married?
10 years
In order to claim one’s deceased husband’s social security, how many years to you two have to have been be married?
if we stop giving money to even one in the world and give it to the people the that worked for it. it would last.
Then why is it that spouses that were married over 38 years can not be eligible for survivor benefits because the wife worked for a government. Supported the man and he left me with a huge credit card debt and I would only receive $1000.00 on his benefit – I get $350 on my SSI – WHY would I not be eligble for the $1000 a month when certain nationalites can get it and I can’t? Don’t understand it because he commited sucide and I am having a rough time right now! I have tired to appeal it to no avail and NO lawyer will touch it.
You need to change the 1977 laws for survivor benefits. Widows need help. You gave us a raise but take it away in medical expenses.
what good is a raise if you take it away in medical expenses and taxes?
They told me when I applied I was not eligible for disablty because I had fibro and that was NOT a disability – they were wrong – other nationalities claim it and get it why not White people?
I did not get a statement on amount I will get in 2023 .
Nice but the reality of it is for at least the last twelve years that I’ve been disabled, my check got more and more every year yet I had less and less to buy with it!!! the last two “big” adjustments are no different, last year I got my “big” increase yet It had bought me even less of my needs than ever before, it was actually a big pay cut at the grocery store. This year my rent in this low income community went up $210 per month.. Approved by our fine government… The truth is we can not afford these big increases.. Another big increase like this and I’ll be homeless ..while billions flow for the Ukrainians
I feel.for you! Biden is a failure
What is retirement age?
Excellent information
I am a retired Texas teacher, but have enough years, months, etc. paid in for social security. Yet, I only get a portion of social security that I am entitled to. My teacher retirement is not that much because I worked several years prior to that and paying into Social Security.
I need and deserve the money that I am entitled to from Social Security.
Same here, I am in Georgia, it’s crazy, it seems like they took more than half of my Social Security when I got my teachers pension
Are we getting another raise? Already received mine in January?
What about the regular people who are on social security getting $914
Also I’m disabled with metal hips and all I get is $914 I use a walker